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Pro Farmer's reaction to the November 8 USDA reports says U.S. soybean production and ending stocks came in below expectations. Corn output was cut 60 million bushels, with yield cut in Illinois, Iowa and Missouri and raised in Indiana and North Dakota.
Futures were trading mixed to slightly higher after the release.
The smaller U.S. corn and soybean crops support feed-grain and soymeal values. The state-level yield changes point to where supply is tightest.
profarmer.comPro Farmer EditorsNov 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.
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.
