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The USDA projected a record 15.3 billion bushel US corn crop at 181.8 bu/acre and a record soybean yield of 53.3 bu/acre. Ending stocks for 2020-21 rose to 2.76 billion bushels, toward the high end of expectations.
The farm-gate price estimate was lowered.
Record production and higher carryout signal ample feed grain supplies and downward pressure on prices into harvest.
dtnpf.comDTN StaffAug 12, 2020After 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 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.
