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Grain markets rose after USDA's August WASDE cut corn yield 4.9 bushels per acre to 174.6, with production at 14.75 billion bushels and new-crop ending stocks at 1.242 billion. USDA set soybean yield at 50 bushels per acre with unchanged ending stocks of 155 million bushels.
Wheat ending stocks fell to 627 million bushels.
The corn cut and lower stocks support nearby corn prices toward the $5.90-5.95 area, while steady soybean stocks limit gains in beans.
iowaagribusinessradionetwork.comRiley SmithAug 12, 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 563 past neutral report events, Soybeans moved a median -0.1% over 5 sessions (48% higher; middle half -1.7% to +1.6%), and -0.1% 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.
