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USDA's November WASDE cut 2024-25 U.S. soybean production by 121 million bushels to 4.461 billion and corn production by 60 million bushels to 15.143 billion. Soybean yield was lowered 1.4 bpa to 51.7 and corn yield 0.7 bpa to a record 183.1.
Smaller crops tighten new-crop supplies, and the report's ending-stocks changes were bullish for soybeans and neutral to slightly bullish for corn, supporting prices.
dtnpf.comDTN StaffNov 8, 2024After 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.
After 250 past neutral report events, Soybean Meal moved a median -0.1% over 5 sessions (49% higher; middle half -1.6% to +1.7%), and +0.4% 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.
