Loading…
Soybean prices rose more than 3% in the hour after USDA's October WASDE, with corn and wheat following higher. USDA cut corn production to 15.064 billion bushels on a lower yield and trimmed exports and feed use.
Corn ending stocks fell 110 million bushels and the season-average farm price rose to $4.95 per bushel.
Lower corn and soybean supplies and a higher season-average price point to firmer feed grain costs for buyers. Wheat's rally was modest and tracked the broader move.
farmprogress.comBen PotterOct 12, 2023After 747 past bullish report events, SOY moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.1%), and +0.8% over 20.
After 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 769 past bullish report events, WHEAT moved a median +0.2% over 5 sessions (53% higher; middle half -1.4% to +2.0%), and +0.2% 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.
