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ProAg republished a report on the February USDA releases, noting that markets reacted with a shrug. USDA lowered corn yield to 176.4 bushels per acre and cut 2018 corn production to 14.42 billion bushels.
Winter wheat seedings were reduced to the lowest level since 1909.
The reduced corn crop and lower usage offset each other, leaving little net price impact for feed corn. Winter wheat seedings at a century low point to tighter future wheat supplies.
proag.comFeb 11, 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.
After 406 past neutral report events, Wheat (SRW) moved a median -0.2% over 5 sessions (47% higher; middle half -1.6% to +1.5%), and +0.0% 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.
