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USDA's January report cut the 2020 U.S. corn yield by 3.8 bushels per acre to 172 bpa, reducing production by 325 million bushels. December 1 corn stocks came in well below trade estimates, and March corn futures rose the 25-cent daily limit.
Soybeans also reached new highs after the report.
A sharply smaller corn crop and record early-season usage tighten supplies for feed users, and the surprise pulled corn and soybeans higher together. Feed costs are likely to stay firm.
dtnpf.comDana MantiniJan 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 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.
