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The November WASDE raised the US corn yield estimate to 172.41 bu/acre, surprising traders, while soybean yields were unchanged at 49.5 bu/acre. China announced plans to buy 12 million tonnes of US soybeans, valued at $5 billion.
Corn fell 4 cents on the week, while wheat finished higher.
A larger corn crop increases feed grain supply and pressures corn prices, while the China soybean purchase supports soybean and soymeal demand. Feed buyers face lower corn costs alongside firmer soy-based feed prices.
okfronline.comNov 13, 2017After 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 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 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.
