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USDA's October WASDE raised the 2021 U.S. corn yield to 176.5 bushels per acre and soybean yield by nearly 1 bushel, with production and ending stocks well above trade expectations. Corn production came in 71 million bushels above Dow Jones pre-report estimates, and wheat ending stocks fell by 35 million bushels.
Corn and soybean futures sold off sharply after the release.
Larger-than-expected U.S. corn and soybean supplies and higher ending stocks weigh on feed and oilseed meal prices, while the smaller wheat carryout supports wheat values that compete with corn in rations.
dtnpf.comDana MantiniOct 12, 2021After 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.
After 769 past bullish report events, Wheat (SRW) moved a median +0.2% over 5 sessions (53% higher; middle half -1.4% to +2.0%), and +0.2% 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.
