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Pro Farmer crop tour scouts said corn yield potential slipped during August, while soybeans generally showed good potential. The tour projected corn yields below USDA's August estimates in all states except South Dakota.
Derecho wind damage was widespread, and scouts expect USDA harvested acreage and yield estimates to decline.
Corn estimates below USDA's forecast point to a smaller crop than officially projected, supporting corn prices, while solid soybean potential limits soy upside.
farmweeknow.comDANIEL GRANT FarmWeekAug 21, 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 788 past bearish report events, Soybeans moved a median -0.3% over 5 sessions (47% higher; middle half -2.0% to +1.5%), and -0.9% 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.
