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USDA's first 2021-22 Grains and Oilseeds Outlook projects corn planted area at 92 million acres with a yield of 179.5 bushels per acre, for production of 15.2 billion bushels. Soybean production is projected at 4.5 billion bushels.
Demand forecasts are higher, though ending stocks stay relatively low, especially for soybeans.
A larger projected corn crop is bearish for corn prices. Soybean ending stocks staying low limits how far prices can fall.
dtnpf.comChris Clayton, DTN Ag Policy Editor, Katie Dehlinger, DTN Business EditorFeb 19, 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, SOY moved a median -0.3% over 5 sessions (47% higher; middle half -2.0% to +1.5%), and -0.9% 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.
