Loading…
USDA's October WASDE cut the soybean yield forecast by a full bushel per acre and reduced soybean carryout more than expected, while corn harvested acres were set at 81.8 million and corn production at 13.779 billion bushels, above trade estimates. Corn and wheat fell after the report, while soybeans rose modestly.
A tighter soybean balance sheet supports soybean meal prices, while larger-than-expected corn production is bearish for corn and feed grain costs.
farmprogress.comBen PotterOct 10, 2019After 747 past bullish report events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.1%), and +0.8% over 20.
After 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 1,006 past bearish report events, Wheat (SRW) moved a median +0.0% over 5 sessions (50% higher; middle half -1.6% to +1.8%), and +0.3% over 20.
After 414 past bullish report events, Soybean Meal moved a median -0.1% over 5 sessions (48% higher; middle half -2.1% to +2.3%), and +0.3% 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.
