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The September WASDE left most markets little changed, with corn production raised to a near-record 15.186 billion bushels and soybean output trimmed to 4.586 billion bushels. USDA largely looked past recent drought and crop quality concerns.
A near-record corn crop and a still-record soybean crop keep ample feed supply in view, limiting price upside. The modest soybean trim offers slight support to meal values.
farmprogress.comBen Potter, Bruce BlytheSep 12, 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.
After 406 past neutral report events, Wheat (SRW) moved a median -0.2% over 5 sessions (47% higher; middle half -1.6% to +1.5%), and +0.0% 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.
