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USDA's October WASDE raised the 2024/25 U.S. corn yield to 183.8 bu/ac and production to 15.203 billion bushels, above the trade average. It cut soybean yield to 53.1 bu/ac and production to 4.582 billion bushels, and lowered corn ending stocks by less than the trade expected.
A larger U.S. corn crop adds supply to an already well-supplied market, which is bearish for corn prices. The smaller soybean estimate was a smaller cut than the trade expected, so it gives soybeans little support.
agriculture.comCassidy WalterOct 11, 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 563 past neutral report events, Soybeans moved a median -0.1% over 5 sessions (48% higher; middle half -1.7% to +1.6%), and -0.1% 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.
