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Grain futures traded mixed after USDA's September WASDE, which held corn acreage steady at 90 million planted and 82 million harvested while cutting corn yield to 168.1 bpa. Lower soybean production and carryout were offset by bearish corn numbers.
The yield cut tightens the 2019/20 corn supply, but higher old-crop carryout limits the price response. Soybean production cuts support soymeal and feed costs.
feedstuffs.comBen PotterSep 12, 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 747 past bullish report events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.1%), and +0.8% over 20.
After 414 past bullish report events, Soybean Meal moved a median -0.1% over 5 sessions (48% higher; middle half -2.1% to +2.3%), and +0.3% 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.
