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Corn and soybean prices fell sharply on January 12 after USDA raised its final 2023 corn yield to a record 177.3 bushels per acre and soybean yields as well. The yield increases were larger than trade expectations, though USDA also raised demand estimates.
Bigger-than-expected yields boost supply and push feed grain and soybean meal prices lower.
agweb.comJan 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 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.
