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USDA cut its corn yield estimate by 4.9 bushels to 174.6 bushels per acre, lowering production about 415 million bushels to 14.75 billion, toward the low end of expectations. Soybean yield was held near 50 bushels per acre, in line with expectations.
Global wheat ending stocks fell to 279.06 million tonnes, below analyst estimates, on lower output from Russia, Canada and the US.
A sharp cut to the corn crop tightens US and global feed grain supplies and supports corn prices, while lower wheat stocks add support to wheat. The soybean outlook is neutral, leaving soymeal demand unchanged.
dtnpf.comDTN AnalystsAug 12, 2021After 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 769 past bullish report events, Wheat (SRW) moved a median +0.2% over 5 sessions (53% higher; middle half -1.4% to +2.0%), and +0.2% over 20.
After 563 past neutral report events, Soybeans moved a median -0.1% over 5 sessions (48% higher; middle half -1.7% to +1.6%), and -0.1% 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.
