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USDA's November WASDE projected the 2019 U.S. corn crop at 13.67 billion bushels with a national average yield of 167 bushels per acre, down 1.4 bushels from October. Soybean production was 3.55 billion bushels on an unchanged 46.9 bpa yield.
The report's new U.S. corn ending stocks were bearish.
A smaller crop was offset by lower-than-needed demand, so U.S. corn ending stocks stayed heavy and the bearish balance sheet weighs on feed corn prices. Soybean figures were close to expectations and only slightly bearish.
dtnpf.comDTN StaffNov 8, 2019After 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.
