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USDA's September report raised the 2017 corn crop to 14.185 billion bushels at 169.9 bushels per acre and set a record soybean crop of 4.431 billion bushels. The estimates did not yet include damage from Hurricanes Harvey and Irma, which USDA will resurvey for October.
Analysts had expected slight cuts.
A bigger-than-expected crop report is bearish for corn and soybeans, though the pending hurricane adjustments add uncertainty for October's numbers.
brownfieldagnews.comJohn PerkinsSep 12, 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.
