
The USDA's January WASDE raised U.S. corn and soybean yield estimates, surprising analysts who had expected cuts. Corn saw slightly higher production with lower exports and smaller ending stocks, while soybean production rose by 8 million bushels to 3.56 billion.
Higher-than-expected production adds supply to the market, which is bearish for soybeans and pressures prices across the feed complex.
After 770 past neutral report events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.1% to +1.6%), and +0.7% 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.