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USDA's November 9 WASDE raised 2022 US corn production to 13.93 billion bushels on a 172.3 bpa yield and soybean production to 4.346 billion bushels. Ending stocks rose to 1.182 billion bushels for corn and 220 million for soybeans, both above October estimates.
Larger-than-expected supplies with higher ending stocks weigh on corn and soybean prices. Export rationing from a strong dollar and low Mississippi River levels could still tighten the balance later.
agriculture.comCassidy WalterNov 9, 2022After 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.
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.
