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Jul 10, 2020REPORTUS

USDA holds corn and soybean yields steady in latest WASDE

USDA's July WASDE kept corn yield at 178.5 bushels per acre and raised 2019/20 corn ending stocks to 2.24 billion bushels. New-crop corn ending stocks fell to 2.64 billion bushels, below June's estimate and slightly below the trade guess.

USDA also reported a sale of 1.3 million metric tons of corn to China.

WHY IT MATTERS

Lower new-crop corn stocks tighten the outlook and support the corn price, while the China sale adds to export demand. Exports remain behind last year's pace, which limits the upside.

AFFECTSCORN▲

SOURCE
agri-pulse.comBen NuelleJul 10, 2020

Price reaction & history

CORN▲bullishSO FAR1d -2.7%5d -4.9%20d -7.5%

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.

Sep 12, 2019USDA lowers corn, soybean yield estimates | 2019-09-12 | Agri-Pulse Communications, Inc.+4.8%
Aug 12, 2021USDA lowers corn, soybean yield estimates due to drought | 2021-08-12 | Agri-Pulse Communications, Inc.+0.7%
Mar 29, 2018Farmers plan to cut corn, soybean acreage, USDA says | 2018-03-29 | Agri-Pulse | Agri-Pulse Communications, Inc.+4.8%
Dec 8, 2023USDA trims forecast for soybean, wheat supplies | Agri-Pulse Communications, Inc.-2.7%
May 12, 2022USDA warns on corn, winter wheat crops due to weather | 2022-05-12 | Agri-Pulse Communications, Inc.-0.3%

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.

CORN · GP ▸

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