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USDA's January WASDE raised corn production to 13.69 billion bushels, offset by a 300,000-acre cut in harvested corn area, leaving ending stocks at 1.89 billion bushels. Soybean harvested area was lowered 600,000 acres to 75 million, with production at 3.558 billion bushels and ending stocks unchanged at 475 million bushels.
The report was largely neutral, so feed grain and soymeal prices showed little new supply pressure beyond existing ample stocks.
agri-pulse.comBen NuelleJan 10, 2020After 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 563 past neutral report events, Soybeans moved a median -0.1% over 5 sessions (48% higher; middle half -1.7% to +1.6%), and -0.1% over 20.
After 250 past neutral report events, Soybean Meal moved a median -0.1% over 5 sessions (49% higher; middle half -1.6% to +1.7%), and +0.4% 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.
