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USDA's December WASDE cut 2018/19 US corn production 152 million bushels to 14.626 billion on a lower yield, lifting the season-average farm price 10 cents to $3.60. Wheat supplies were unchanged, with the farm price held at $5.10.
Soybean production fell, but ending stocks rose.
The smaller corn crop and tighter ending stocks support corn prices, while higher soybean stocks weigh on soy prices.
allagnews.comTony St. JamesDec 7, 2018After 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.
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 788 past bearish report events, Soybeans moved a median -0.3% over 5 sessions (47% higher; middle half -2.0% to +1.5%), and -0.9% over 20.
Not enough comparable past events yet for a historical read.
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.
