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USDA's November crop report was delayed by a release problem, and the corn figures were then published. Corn production was cut to 13.661 billion bushels, with yield at 167.0 bpa, while soybean production was unchanged at 46.9 bpa.
Corn prices rose as the cut came in.
A lower corn crop estimate than October tightens the U.S. corn supply, which supports feed corn prices. Soybeans were unchanged on production and traded lower.
farmprogress.comBryce KnorrNov 8, 2019After 1,040 past bullish report events, Corn moved a median +0.5% over 5 sessions (62% higher; middle half -0.9% to +2.0%), and +0.8% 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.
