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The USDA's May 12 WASDE projected record US corn production of 15,265 million bushels for 2023-24, based on a record yield of 181.5 bushels per acre. It also projected record soybean production of 4,510 million bushels at 52 bushels per acre.
Both figures came in above pre-report trade expectations.
Record supply forecasts above trade estimates are bearish for corn and soybean prices and for meal and feed costs, though the yields are trendline based and depend on weather.
foodbusinessnews.netRon SterkMay 23, 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.
After 399 past bearish report events, Soybean Meal moved a median -0.4% over 5 sessions (44% higher; middle half -2.4% to +1.2%), and -1.0% 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.
