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USDA cut 2020 corn and soybean yield forecasts by more than trade analysts expected, and corn production fell 215 million bushels. Corn export projections were raised to a record 2.65 billion bushels, and ending stocks fell to the lowest since 2013/14, sending futures up 2% to 3%.
A larger-than-expected cut to US supply plus record exports tightens corn and soybean balance sheets, supporting feed grain and meal prices.
farmprogress.comNov 10, 2020After 1,040 past bullish report events, Corn moved a median +0.5% over 5 sessions (62% higher; middle half -0.9% to +2.0%), and +0.8% over 20.
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.
