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USDA's September 11 report cut the 2020 national corn yield by 3.3 bushels to 178.5 bpa and reduced harvested corn acres by 500,000, all in Iowa. Production is now estimated at 14.9 billion bushels, and some private analysts expect even lower yields due to intensifying drought.
A 378 million bushel cut to corn production tightens US feed grain supplies, supporting corn and feed prices despite the crop still being a record yield.
morningagclips.comAubreySep 15, 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.
