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USDA's September 10 report added about 600,000 acres to US corn plantings and raised corn yield to 176.3 bushels per acre, with 2021/22 corn ending stocks at 1.41 billion bushels. Soybean prices rallied about 1.4% after USDA cut soybean planted acreage by 300,000 acres.
Higher corn supplies weigh on feed costs, while tighter soybean acreage keeps soymeal supplies firm for feed buyers.
farmprogress.comBen PotterSep 10, 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 747 past bullish report events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.1%), and +0.8% 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.
