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Bloomberg reports that U.S. corn and soybean yields were raised in the USDA's January crop report, defying analyst expectations of a decline. Analysts credited genetically modified seed, precision tools and inputs for resilience despite record rains and late planting.
Stronger yields than expected add to supply and weigh on corn and soybean prices, and suggest that weather risk may be priced less heavily going forward.
supplychainbrain.comBloombergJan 14, 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.
