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USDA's November WASDE cut U.S. wheat supplies by 42 million bushels, mainly in North Dakota and Montana. Corn production was reduced 118 million bushels to 13.661 billion on a 1.4-bushel yield cut, and soybean crush was lowered 15 million bushels.
Soybean production was almost unchanged at 3.55 billion bushels.
Reduced spring wheat and corn supplies tighten the feed grain balance. Lower soybean crush and weaker soymeal export prospects point to softer soybean meal demand.
agwired.comNov 12, 2019After 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.
After 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 399 past bearish report events, SBM moved a median -0.4% over 5 sessions (44% higher; middle half -2.4% to +1.2%), and -1.0% over 20.
After 788 past bearish report events, SOY 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.
