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Iowa's 2017 corn and soybean crops both came in higher than expected, with corn at 197 bpa and production of 2.54 billion bushels. USDA's November report put US corn yield at a record 175.4 bpa and soybean production at a record 4.43 billion bushels.
US corn production is estimated at 14.6 billion bushels.
Record US corn and soybean output points to ample supplies for feed buyers, which pressures corn, soybean and meal prices. Strong supplies also lower the cost of feed ingredients.
farmprogress.comRod Swoboda 1Nov 21, 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, SOY 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.
