
USDA's November 9 Crop Production and WASDE reports raised corn production by 35 million bushels to 13.93 billion and soybean production by 33 million to 4.346 billion. The increases went against pre-report expectations, with the corn yield up 0.4 bpa to 172.3.
Bigger crops than the trade expected add supply to corn and soybeans, pressuring feed grain and meal values. Analysts saw US ending stocks as slightly bullish for corn but neutral for soybeans.
After 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.