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USDA's August WASDE projected record corn yields of 181.8 bushels per acre, up 14.4 from July, and soybean yields of 53.3 bushels per acre, above the trade's highest estimate. The largest corn crop and second-largest soybean crop on record were forecast.
USDA cut 2020/21 average corn farm price to $3.10 per bushel.
A record crop forecast increases expected supplies and lowers projected farm prices, which tends to ease feed ingredient prices.
agriculture.comMike McGinnisAug 12, 2020
farmprogress.comJacqueline HollandAug 12, 2020After 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.
After 1,102 past bearish report events, Corn moved a median -0.2% over 5 sessions (47% higher; middle half -1.8% to +1.3%), and +0.0% over 20.
After 399 past bearish report events, Soybean Meal moved a median -0.4% over 5 sessions (44% higher; middle half -2.4% to +1.2%), and -1.0% 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.
