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Illinois Extension outlined the USDA's September 2017 forecast, which raised soybean production to 4.431 billion bushels on a yield of 49.9 bushels per acre. Soybean export forecasts rose 25 million bushels to 2.25 billion, and 2016-17 ending stocks fell to 345 million bushels.
December corn futures traded in a narrow $3.53-$3.55 range.
A larger soybean crop was offset by lower beginning stocks and higher exports, leaving supply only modestly larger and tightening the old-crop balance sheet. Firm export demand supports soybean prices even with a record crop.
extension.illinois.eduSep 19, 2017After 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.
After 770 past neutral report events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.1% to +1.6%), and +0.7% over 20.
After 250 past neutral report events, Soybean Meal moved a median -0.1% over 5 sessions (49% higher; middle half -1.6% to +1.7%), and +0.4% 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.
