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USDA's August WASDE lowered the U.S. corn yield 5 bushels per acre to 174.6, cutting production 415 million bushels to 14.75 billion. New-crop corn stocks fell 190 million bushels to 1.242 billion.
Wheat and soybean yields were also reduced slightly.
Lower projected corn output and stocks support corn prices, while the smaller wheat and soybean yields add modest upward pressure on those markets.
proag.comAug 13, 2021After 1,040 past bullish report events, Corn moved a median +0.5% over 5 sessions (62% higher; middle half -0.9% to +2.0%), and +0.8% 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.
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.
