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USDA raised its estimate of Iowa acres unable to be harvested to 850,000, up from 550,000 in its previous report, after the August derecho and a later drought. The Iowa agriculture secretary expects losses to rise further as harvest progresses.
A larger Iowa loss cuts into U.S. corn supply, adding support to corn prices and tightening feed grain availability.
feedandgrain.comDec 1, 2020After 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.
