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USDA's September report put the US corn yield at 181.3 bu/acre, above the trade estimate of 177.8, and the soybean yield at 52.8 bu/acre, above the 52.2 expected. Corn futures closed 14 cents lower and soybean futures rose.
Soymeal and soyoil also moved, and US-China trade talks were reported.
Larger-than-expected corn and soybean crops increase supply and pressure prices, though firmer soymeal reflects product-spread adjustments in the report.
agriculture.comMike McGinnisSep 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 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.
After 414 past bullish report events, Soybean Meal moved a median -0.1% over 5 sessions (48% higher; middle half -2.1% to +2.3%), 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.
