Loading…
The USDA's November 8 Crop Production report put 2018 U.S. corn output at 14.626 billion bushels, down 1 percent from October, and soybean output at a record 4.6 billion bushels, down 1.9 percent. Corn yield was forecast at a record 178.9 bushels per acre, and soybean yield at 52.1 bushels per acre.
Lower corn output tightens supplies for feed users, supporting corn prices. The soybean crop cut is smaller than feared in relation to stocks, so pressure on soy complex is limited.
meatpoultry.comRon SterkNov 9, 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.
