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The December WASDE left US corn and soybean production unchanged from November, at 14.626 billion and 4.6 billion bushels. The report cut corn used for ethanol by 50 million bushels and kept soybean exports at 1.9 billion bushels despite the US-China trade dispute.
With most US balance sheet numbers unchanged, the report offers little new price direction for feed grains or soybean meal. The ethanol cut is a minor demand signal.
agri-pulse.comDaniel EnochDec 12, 2018After 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.
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.
