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USDA estimates from the November WASDE show record U.S. corn and soybean surpluses, with production and ending stocks both higher than expected. The estimates moved commodity markets when released on Wednesday.
Other crops in the report also showed record surpluses.
Record surpluses of corn and soybeans keep downward pressure on feed grain and meal prices. Buyers can expect ample supplies and lower prices through the 2016/17 marketing year.
politico.comCatherine BoudreauNov 10, 2016After 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.
