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USDA's September WASDE raised corn yield to 169.9 bushels per acre from 169.5 in August, above the trade average of 168.2, and lifted corn production to 14.184 billion bushels. Soybean production was forecast at a record 4.431 billion bushels on 49.9 bushel yields.
The report surprised the trade with higher supplies.
Larger U.S. corn and soybean crops than expected add supply and weigh on feed grain and soymeal prices.
farmprogress.comBen PotterSep 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, SOY moved a median -0.3% over 5 sessions (47% higher; middle half -2.0% to +1.5%), and -0.9% over 20.
After 399 past bearish report events, SBM moved a median -0.4% over 5 sessions (44% higher; middle half -2.4% to +1.2%), and -1.0% 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.
