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Soybean futures finished 35 cents higher and corn 15 cents higher after the November USDA report, which cut corn yields 2.6 bu/acre and soybean yields 1.2 bu/acre, both far more than trade expected. The analyst notes corn ending stocks are now 1.702 billion bushels and soybean carryout has fallen 35% in one month to 190 million bushels.
Yield cuts well beyond trade estimates sharply tighten US corn and soybean balance sheets, supporting feed grain and soymeal prices. The analyst expects the bull market to continue as inventories remain thin.
agriculture.comRay GrabanskiNov 10, 2020Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
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.
Corn rose 15 cents after the USDA report, which cut yields far more than the trade expected, adding to bullish momentum.
