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USDA's November WASDE raised corn yields and soybean yields, producing a record-large 2023 U.S. corn crop. Soybean production rose 25 million bushels, but the crop remains only the seventh largest on record, and ending stocks rose for both crops.
A record corn crop and higher soybean ending stocks lower the price outlook for feed grains and soybean products. Dec corn and Jan soybeans fell sharply after the release.
farmprogress.comBen PotterNov 9, 2023After 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.
