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USDA's final 2023 crop update showed Iowa's corn and soybean harvests were complete, about a week ahead of the five-year average. Iowa corn yields were projected near 200 bushels per acre and soybeans near 58 bushels per acre, roughly unchanged from last year despite heat and drought.
Yields holding up despite drought point to adequate supplies, which weighs on corn and soybean prices.
proag.comDec 1, 2023After 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.
