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USDA's October WASDE cut U.S. corn and soybean production and beginning stocks, tightening 2020/21 ending stocks, especially for soybeans, which are projected below 300 million bushels. The report raised the average farm price to $3.60 for corn and $9.80 for soybeans.
Lower production and stocks with a higher season-average price point to firmer corn and soybean values through the 2020/21 marketing year.
brownfieldagnews.comadminOct 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.
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.
