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FarmWeek reports that USDA cut its corn and soybean production estimates for a second straight month. Drought and the August 10 derecho in Iowa, Illinois and Indiana are expected to reduce yields further as harvest reveals the damage.
Expectations of further yield cuts in the Corn Belt support corn and soybean prices and feed meal values through the marketing year.
farmweeknow.comDANIEL GRANT FarmWeekOct 16, 2020After 1,465 past bullish weather events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.4% to +1.9%), and +0.9% over 20.
After 1,079 past bullish weather events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.0%), and +0.9% over 20.
After 453 past bullish weather events, Soybean Meal moved a median +0.5% over 5 sessions (55% higher; middle half -1.6% to +2.7%), and +0.5% 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.
