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USDA's October WASDE cut the US corn yield by 0.6 bushels to 171.9 and the soybean yield by 0.7 bushels to 49.8, following larger September reductions. US production is now down 8% for corn and 3% for soybeans from the prior year's crop.
Lower US production estimates tighten domestic feed grain and soybean supplies, supporting prices, though projections for a record Brazilian harvest limit the upside.
farmdocdaily.illinois.eduHongxia JiaoOct 18, 2022After 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.
