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DTN reports that USDA raised its corn production estimate to 13.9 billion bushels and average yield by more than 3 bushels to 169.5 bushels per acre. The soybean forecast of 3.68 billion bushels is down 19% from last year, based on 76.7 million planted acres and a 48.5 bushel yield.
Higher corn production and bearish US ending stocks pressure corn prices, while the sharp soybean crop decline is a supportive factor for soybean and meal values.
dtnpf.comAug 9, 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 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.
