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The USDA's June Supply/Demand report cut the 2019 U.S. corn production estimate, with yield lowered 10 bushels to a record reduction and planted acreage down 3 million. Corn acreage was put at 89.8 million, and corn futures closed 12 cents higher, with December corn at $4.47.
Soybean and wheat futures also edged higher.
The record yield cut and smaller acreage shrink US corn supplies, which lifts feed corn costs for buyers. Soybean and meal prices firmed on the same report.
brownfieldagnews.comJun 11, 2019
agriculture.comMike McGinnisJun 11, 2019
ttnews.comJun 11, 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 747 past bullish report events, SOY 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, SBM 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.
