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USDA's November WASDE cut U.S. corn production 152 million bushels to 14.626 billion and lowered the corn yield to 178.9 bushels per acre, below analyst expectations. Soybean sales were weak on lower exports, while corn posted modest gains on tighter carryout.
A smaller corn crop and tighter carryout support corn prices, while weak soybean export demand weighs on soybean and meal values for feed buyers.
farmprogress.comBen PotterNov 8, 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 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.
After 399 past bearish report events, Soybean Meal moved a median -0.4% over 5 sessions (44% higher; middle half -2.4% to +1.2%), and -1.0% 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.
