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Corn futures for December 2023 dropped more than 2% and November soybeans fell over 1% after the September WASDE showed a larger-than-expected US corn crop and 94.9 million planted acres. Wheat prices held relatively steady despite lower world inventory expectations.
A larger US corn supply estimate than the market expected weighs on feed grain prices, while soybean yield cuts in line with forecasts provide limited support.
millingmea.comFrankSep 15, 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 406 past neutral report events, Wheat (SRW) 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.
