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Grain Price News listed key figures from USDA's August 11 WASDE and compared them with Reuters poll expectations. Corn yield was 175.1 bushels per acre and soybean yield 50.9 bushels per acre, both slightly below expectations.
Corn and soybean ending stocks for 2022/23 and 2023/24 were also tabulated.
The figures show that USDA's yield cuts were partly offset by lower demand and higher stocks. Price impact was modest because the report was close to market forecasts.
grainpricenews.comMike VerdinAug 14, 2023After 770 past neutral report events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.1% to +1.6%), and +0.7% over 20.
After 563 past neutral report events, Soybeans moved a median -0.1% over 5 sessions (48% higher; middle half -1.7% to +1.6%), and -0.1% 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.
