# What drives price discovery?

> An explainer on how USDA reports drove large corn and soybean price swings in 2020. Revisions to the 2020 corn yield and to ending stocks, including a 205 million-bushel cut, sent prices rallying past pre-pandemic levels. The article frames the reports as a major source of market volatility.

- Date: 2021-01-13 · published 2021-01-13T12:00:00.000Z
- Category: report · region US · magnitude low
- Page: https://feedsoft.ai/events/49185-what-drives-price-discovery
- Commodities: [Soybeans](https://feedsoft.ai/c/SOY.md), [Corn](https://feedsoft.ai/c/CORN.md)

## Why it matters

Surprise USDA revisions can rapidly reprice corn and soybeans, so feed buyers should watch report dates and hedge around them. The article does not describe a new supply change.

## Read by commodity

- CORN: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| SOY | 2016-06-05 | [US report drives protein markets](https://feedsoft.ai/events/9129-us-report-drives-protein-markets.md) | +4.1% | +3.2% |
| SOY | 2020-07-06 | [USDA Surprises Drive Corn Prices Higher - farmdoc daily](https://feedsoft.ai/events/52152-usda-surprises-drive-corn-prices-higher-farmdoc-daily.md) | -0.1% | +0.6% |
| SOY | 2023-11-10 | [Recovering demand for protein meals drives oilseeds consumpti ...](https://feedsoft.ai/events/33164-recovering-demand-for-protein-meals-drives-oilseeds-consumpti.md) | +2.4% | -1.8% |
| SOY | 2025-12-09 | [WASDE: USDA data gives corn prices a modest bump](https://feedsoft.ai/events/21443-wasde-usda-data-gives-corn-prices-a-modest-bump.md) | -2.0% | -3.7% |
| SOY | 2018-09-15 | [Grain prices down—hay prices up](https://feedsoft.ai/events/63165-grain-prices-down-hay-prices-up.md) | +3.1% | +5.6% |
| CORN | 2017-01-11 | [Ukraine and Brazil new factors in corn price discovery - Brownfield Ag News](https://feedsoft.ai/events/73036-ukraine-and-brazil-new-factors-in-corn-price-discovery-brownfield-ag-news.md) | +0.0% | +1.3% |
| CORN | 2026-07-01 | [What’s Up with Cattle Prices in Recent Weeks?](https://feedsoft.ai/events/18944-what-s-up-with-cattle-prices-in-recent-weeks.md) | +3.0% | +5.1% |
| CORN | 2021-12-10 | [USDA: wheat prices 10.12.2021 - UkrAgroConsult](https://feedsoft.ai/events/43638-usda-wheat-prices-10-12-2021-ukragroconsult.md) | -0.3% | -0.8% |

## Sources

- farmprogress.com: https://www.farmprogress.com/marketing/what-drives-price-discovery-

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.