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USDA raised its November estimates for U.S. corn production by 168 million bushels to 15.2 billion, with yields up 1.9 bushels per acre. Soybean production rose 92 million bushels on a 1.1 bushel-per-acre yield gain, and both crops' producer prices were raised.
Wheat prices were unchanged, while global wheat use rose on increased feed demand in Canada and Russia.
Larger corn and soybean crops and higher stocks point to weaker futures prices, while higher feed use for wheat in Canada and Russia supports some wheat demand. Buyers should expect ample feed grain supplies.
windsornewstoday.caRodney HiemstraNov 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.
After 406 past neutral report events, Wheat (SRW) moved a median -0.2% over 5 sessions (47% higher; middle half -1.6% to +1.5%), and +0.0% 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.
