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USDA's July 2017 Supply and Demand Report raised new-crop corn production by 190 million bushels, surprising the trade. December corn fell 15 cents to $3.98 in Chicago, and November soybeans dropped 9 cents to $10.34 despite tighter old- and new-crop soybean stocks than expected.
A larger-than-expected corn supply estimate adds bearish pressure on feed grain prices, which lowers the cost outlook for feed buyers. Soybean meal follows soybean futures, so tighter soybean stocks offset some of the pressure.
iowaagribusinessradionetwork.comJul 12, 2017After 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.
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.
