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The January WASDE raised US corn yield per harvested acre from 167 to 168 bushels, keeping ending stocks above 2 billion bushels. Cotton harvested area fell 5%, lifting the season average cotton price 3.3%.
Wheat feed and residual use was significantly revised up.
Corn ending stocks above 2 billion bushels keep corn prices pressured, while the increase in wheat feed use reduces wheat supply available for other uses.
agrilife.orgJan 10, 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 769 past bullish report events, WHEAT moved a median +0.2% over 5 sessions (53% higher; middle half -1.4% to +2.0%), and +0.2% 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.
