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USDA raised its national corn yield estimate to 181.3 bushels per acre, producing 14.8 billion bushels, and set soybeans at 52.8 bpa with 4.69 billion bushels. Both figures came in above or in line with pre-report expectations, with corn above the range of estimates.
A larger-than-expected corn crop adds supply and points to lower feed grain and soymeal prices through the season.
dtnpf.comKatie DehlingerSep 12, 2018After 1,102 past bearish report events, Corn moved a median -0.2% over 5 sessions (47% higher; middle half -1.8% to +1.3%), and +0.0% 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.
After 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.
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.
