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Pro Farmer estimates the 2020 U.S. corn crop at 14.820 billion bushels on a 177.5 bushel-per-acre average yield, down from USDA's August 181.8. The soybean estimate is 4.362 billion bushels at 52.5 bushels per acre, versus USDA's 53.3.
Wind damage from the August derecho affected millions of acres.
Private estimates well below USDA's record yields signal a smaller U.S. corn and soybean supply than officially projected, which supports prices for both crops.
brecorder.comReutersAug 24, 2020
prnewswire.comFarm JournalAug 21, 2020After 769 past bullish report events, Wheat (SRW) moved a median +0.2% over 5 sessions (53% higher; middle half -1.4% to +2.0%), and +0.2% 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.
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.
Pro Farmer's soybean yield estimate of 52.5 bu/acre, below USDA's 53.3, tightened the expected supply and supported prices.
