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USDA's NASS Crop Production 2016 Summary reported record corn yield of 174.6 bu/acre and 15.1 billion bushels, up 11%. Soybean production hit a record 4.31 billion bushels with a record 52.1 bu/acre yield, while sorghum output fell 20% to 480 million bushels.
Record US corn and soybean supplies point to ample feed grain availability and downward pressure on prices, while lower sorghum output could support sorghum values.
nass.usda.govJan 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.
Not enough comparable past events yet for a historical read.
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.
