Loading…
Iowa State extension's Charles Hurburgh says 2017 corn and soybean yields beat expectations, based on the November 2017 USDA estimates. US corn production was put at 14.58 billion bushels and soybeans at 4.43 billion.
Carryover stocks were estimated at 2.3 billion bushels of corn and 301 million of soybeans.
Larger-than-expected production and record-scale carryover stocks point to heavy supplies and downward pressure on corn and soybean prices. Feed buyers can expect continued cheap grain.
crops.extension.iastate.eduContent Author: Charles R HurburghDec 6, 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.
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.
