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USDA cut its 2021 US corn production estimate by about 10 million metric tons on drought-reduced yields, lowering the corn yield by five bushels per acre. It also trimmed soybean production by 1.8 million metric tons.
Prices rose after the report, which was larger than traders had expected.
A sizable USDA cut to US corn supply tightens domestic feed grain availability and supports corn and soybean prices into the new crop year.
feedstrategy.comEmma PenrodAug 17, 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 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.
