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USDA's January 12 reports set the 2023 U.S. corn yield at a record 177.3 bushels per acre, well above pre-report expectations, with production at 15.34 billion bushels. Soybean yield rose to 50.6 bushels per acre and production to 4.17 billion bushels.
A record corn crop and larger soybean output above expectations add supply, which weighs on feed grain and meal prices.
dtnpf.comDTN StaffJan 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, SOY moved a median -0.3% over 5 sessions (47% higher; middle half -2.0% to +1.5%), and -0.9% over 20.
After 406 past neutral report events, WHEAT 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.
