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USDA's crop production report showed Illinois produced 648 million bushels of soybeans and 2.27 billion bushels of corn in 2023, with corn yields at 206 bpa. Nationally, corn output was a record 15.3 billion bushels at 177.3 bpa, and soybean production was 4.16 billion bushels at 50.6 bpa.
A trader called the report bearish based on the market reaction.
Record national corn production and higher-than-expected yields add to supply, which pressures corn and soybean prices.
whig.comDANIEL GRANT FarmWeekJan 27, 2024After 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 788 past bearish report events, Soybeans moved a median -0.3% over 5 sessions (47% higher; middle half -2.0% to +1.5%), and -0.9% 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.
