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USDA's NASS October Crop Production report lowered U.S. corn and soybean production from September forecasts. Corn output was put at 14.7 billion bushels and soybeans at 4.27 billion bushels, with planted area revised slightly lower.
A smaller U.S. crop estimate tightens old-crop supplies for feed and crush users, supporting corn, soybean and meal prices.
agri-pulse.comSpencer ChaseOct 9, 2020
nass.usda.govOct 9, 2020After 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 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 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.
