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USDA's September crop report kept 2019 corn and soybean yield projections just slightly below trend. NOAA data show the summer of 2019 was warmer than average and wetter than average across the Lower 48, with generally good growing conditions in the top producing states.
Planting this year was the slowest on record.
Near-trend yield projections limit the supply shock from late planting and weigh against a large rally in feed grain prices. Buyers can expect relatively stable corn and soybean meal costs from this report.
dtnpf.comJoel KarlinSep 16, 2019After 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.
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.
