USDA's NASS reported that the 2017 U.S. corn yield reached a record 176.6 bushels per acre, and production fell 4% to 14.6 billion bushels. Soybean production hit a record 4.39 billion bushels on record harvested area, despite a 6% drop in yield.
Cotton output rose 24% to 21.3 million bales.
Record soybean output and a large corn crop point to ample U.S. feed supplies, which weighs on feed prices and limits rallies in soybean meal and corn.
After 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.