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The January WASDE cut the national corn yield by 3.8 bushels to 172 bushels per acre, lowering production to 14.182 billion bushels. Corn ending stocks fell 150 million bushels to 1.552 billion, and soybean yield was cut 0.5 bushels to 50.2 with ending stocks down 35 million bushels to 140 million.
A 10.6 percent corn stocks-to-use ratio and a roughly 3 percent soybean ratio point to tight supplies that support feed grain and meal prices. Analysts see corn above 5 dollars and soybeans at 14 to 15 dollars.
wnax.comJan 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.
