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The USDA August crop production report projected U.S. corn at 178.4 bushels per acre and soybeans at 51.6 bushels per acre, both above expectations. The larger forecasts add to supply prospects for the 2018 crops.
Larger-than-expected yield forecasts raise expected U.S. corn and soybean supplies, which weighs on futures and lowers feed ingredient costs.
doi.orgTodd Hubbs, Hubbs, ToddJan 1, 2018After 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 1,102 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 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.
