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The November WASDE cut US soybean yield to 50.7 bu/acre and production to 4.17 billion bushels, reducing soybean ending stocks by 100 million bushels to 190 million. USDA also lowered corn yield to 175.8 bu/acre and corn ending stocks to 1.702 billion bushels after raising exports by 325 million bushels.
Tighter US soybean and corn carryouts point to continued price support, with analysts expecting soybean futures to target $12 as stocks approach pipeline levels. Higher export demand from China and Mexico reinforces the bullish supply picture for feed grains and meal.
agweek.comMichelle RookNov 9, 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.
After 414 past bullish report events, Soybean Meal moved a median -0.1% over 5 sessions (48% higher; middle half -2.1% to +2.3%), and +0.3% 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.
The WASDE cut the corn yield and ending stocks after raising exports by 325M bushels, tightening the balance sheet.
