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The USDA's July WASDE raised 2017-18 corn production to 14.255 billion bushels and soybean production to 4.26 billion bushels, with corn stocks increasing. The agency set the average 2017-18 soybean price at $9.40 a bushel, up 10 cents, and corn at $3.30, down 10 cents.
Bigger crop estimates and a lower corn farm price signal ample feed grain supplies, pressuring corn and soybean meal values for feed buyers.
midwestfarmreport.comPam JahnkeJul 13, 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.
