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Reuters reported that USDA's November report put U.S. corn production above expectations at 14.578 billion bushels, on record harvest yields. Soybean output was trimmed but remained the largest on record, and feed and export use were raised.
Production well above the trade range and higher stockpiles weigh on corn prices, with feed demand and exports offering only partial support.
grainews.caGFM Network NewsNov 9, 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 563 past neutral report events, Soybeans moved a median -0.1% over 5 sessions (48% higher; middle half -1.7% to +1.6%), and -0.1% 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.
