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Farm Futures analyst Bryce Knorr writes that USDA's cut to corn and soybean estimates was not a surprise to traders or farmers. Farmer-reported yields suggest corn could fall further and soybean yields are roughly unchanged, with harvested acreage a wild card.
Farmer yield reports point to possible further corn downside in January, which could keep feed grain prices supported.
farmprogress.comBryce Knorr 1Nov 12, 2018After 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 563 past neutral report events, SOY 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.
