# CBOT weekly outlook: Markets react bullishly to USDA report - AgCanada

> 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.

- Date: 2023-10-12 · published 2023-10-12T12:00:00.000Z
- Category: report · region US · magnitude high
- Page: https://feedsoft.ai/events/33588-cbot-weekly-outlook-markets-react-bullishly-to-usda-report-agcanada
- Commodities: [Corn](https://feedsoft.ai/c/CORN.md), [Soybeans](https://feedsoft.ai/c/SOY.md)

## Why it matters

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.

## Read by commodity

- SOY: bullish ▲
- CORN: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| CORN | 2018-03-08 | [CBOT weekly outlook: USDA report sways soy, corn - Manitoba Co-operator](https://feedsoft.ai/events/10891-cbot-weekly-outlook-usda-report-sways-soy-corn-manitoba-co-operator.md) | +2.4% | +5.3% |
| CORN | 2020-11-13 | [ICE weekly outlook: Bull market in canola's grasp - Grainews](https://feedsoft.ai/events/50254-ice-weekly-outlook-bull-market-in-canola-s-grasp-grainews.md) | +10.6% | +9.7% |
| CORN | 2021-01-14 | [ICE weekly outlook: WASDE spillover boosts canola - AgCanada](https://feedsoft.ai/events/49257-ice-weekly-outlook-wasde-spillover-boosts-canola-agcanada.md) | +0.7% | +4.0% |
| CORN | 2018-02-08 | [USDA lowers soy exports, market reacts bullishly \| Iowa Agribusiness Radio Network](https://feedsoft.ai/events/66448-usda-lowers-soy-exports-market-reacts-bullishly-iowa-agribusiness-radio-network.md) | +0.2% | +2.3% |
| CORN | 2023-10-13 | [What Was So Bullish About the October USDA Reports? - AgWeb](https://feedsoft.ai/events/33586-what-was-so-bullish-about-the-october-usda-reports-agweb.md) | +0.2% | -3.5% |
| SOY | 2020-12-10 | [CBOT weekly outlook: Some surprises in USDA's WASDE - AgCanada](https://feedsoft.ai/events/49579-cbot-weekly-outlook-some-surprises-in-usda-s-wasde-agcanada.md) | +2.2% | +18.8% |
| SOY | 2020-11-13 | [ICE weekly outlook: Bull market in canola's grasp - Grainews](https://feedsoft.ai/events/50254-ice-weekly-outlook-bull-market-in-canola-s-grasp-grainews.md) | +3.6% | +2.1% |
| SOY | 2021-01-14 | [ICE weekly outlook: WASDE spillover boosts canola - AgCanada](https://feedsoft.ai/events/49257-ice-weekly-outlook-wasde-spillover-boosts-canola-agcanada.md) | -2.9% | -3.1% |

## Sources

- agcanada.com: https://www.agcanada.com/daily/cbot-weekly-outlook-markets-react-bullishly-to-usda-report

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.