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Weekly grower reports showed corn averaging 172.6 bpa and soybeans 50.5 bpa, both below the USDA's Nov. 9 estimates of 175.4 and 45.9 bpa for corn and soybeans respectively.
Yields varied widely, from 45 bpa corn in central Nebraska to 251 bpa in central Illinois. Wet, cold weather in the eastern Midwest slowed harvest.
Lower-than-estimated corn yields reduce expected supply and can support feed grain prices, though the wide range and high total output limit the price impact. Soybean yields above USDA's estimate offset the corn signal.
farmprogress.comBryce Knorr 1Nov 20, 2017After 1,465 past bullish weather events, CORN moved a median +0.2% over 5 sessions (54% higher; middle half -1.4% to +1.9%), and +0.9% over 20.
After 324 past neutral weather events, SOY moved a median +0.0% over 5 sessions (52% higher; middle half -1.4% to +1.7%), and +0.7% 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.
