
USDA's September 12 crop production report lowered average corn and soybean yield forecasts from August, with corn at a record 186.7 bushels per acre and soybeans at a record 53.5 bushels per acre. Planted corn area was put at 98.7 million acres and soybean area at 81.1 million acres.
Corn production was forecast at a record 16.8 billion bushels.
A record corn crop of 16.8 billion bushels is a large supply increase that pressures corn prices, while the soybean yield cut partly offsets the bearish soybean acreage picture. Buyers of feed should expect ample corn supplies.
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.
After 563 past neutral report events, SOY 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.