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USDA's July WASDE cut the 2023 corn yield by 4 bushels to 177.5 bu/acre but still raised production on higher planted area. Soybean 2023/24 ending stocks came in at 300 million bushels, about 100 million above trade estimates.
USDA made rare early-season changes to supply and demand.
Record-large corn output and higher soybean stocks than expected point to ample feed supplies and softer corn, soybean and meal prices for feed buyers.
agweb.comAgWeb EditorsJul 12, 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 399 past bearish report events, Soybean Meal moved a median -0.4% over 5 sessions (44% higher; middle half -2.4% to +1.2%), and -1.0% 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.
