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Reuters previews the Midwest Crop Tour and notes USDA's corn yield of 178.4 bushels per acre and soybean yield of 51.6 bushels per acre were at the top of trade estimates. Corn and soybean condition scores have been elevated for most of the season.
Strong condition scores and yield estimates at the high end of expectations imply ample supplies, which is bearish for corn and soybeans unless the tour finds lower yields.
reuters.comKaren BraunAug 20, 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.
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.
