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USDA's November WASDE raised the US corn yield 1.9 bushels per acre to 175.3, above trade expectations of a slight cut. Corn futures fell sharply after the report, and markets also absorbed Trump's election win.
A larger-than-expected US corn crop estimate adds supply and pressures corn and feed prices. The bearish surprise is a major driver of the market move.
grains.orgNov 10, 2016grains.orgNov 10, 2016grains.orgNov 10, 2016Not enough comparable past events yet for a historical read.
After 1,102 past bearish report events, Corn moved a median -0.2% over 5 sessions (47% higher; middle half -1.8% to +1.3%), and +0.0% over 20.
Not enough comparable past events yet for a historical read.
After 747 past bullish report events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.1%), and +0.8% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
