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The USDA's September WASDE raised its US corn yield to a record 181 bu/acre, above trade expectations, and confirmed a bumper soybean crop. It also lifted Russia's wheat outlook and world ending stocks.
Chicago corn fell almost 4%, its largest daily drop since April, and wheat and soybeans also traded lower.
Bigger US corn and soybean supplies and higher world wheat stocks add to bearish pressure, with record soybean carryout of about 845 million bushels expected alongside Chinese import tariffs.
home.saxoOle HansenSep 10, 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 1,006 past bearish report events, Wheat (SRW) moved a median +0.0% over 5 sessions (50% higher; middle half -1.6% to +1.8%), and +0.3% 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.
