Loading…
Most October WASDE estimates for US corn and soybeans came in below trade expectations, and prices jumped on the Chicago Board of Trade. USDA cut corn production by 70 million bushels to 15.064 billion and soybean production by 42 million bushels to 4.104 billion.
Corn ending stocks were 2.111 billion bushels, below both the trade average and September's estimate.
Tighter US corn and soybean supplies lift feed grain and soymeal prices. Slow export pace limits how far the rally can extend without further crop cuts.
agcanada.comAGCanadaOct 12, 2023After 1,040 past bullish report events, Corn moved a median +0.5% over 5 sessions (62% higher; middle half -0.9% to +2.0%), and +0.8% over 20.
After 747 past bullish report events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.1%), and +0.8% 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.
