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USDA's January reports left 2017 corn production at 15.148 billion bushels with yield at 174.6 bpa, and corn ending stocks rose two million bushels. Soybean production was 4.296 billion bushels with a 52-bushel yield and ending stocks slipped to 301 million bushels.
March corn futures hit a new contract low before a small rebound.
Large corn supplies and a sizable carryout keep corn prices under pressure, while the nearly unchanged soybean balance sheet offers limited new price direction.
farmanddairy.comMarlin ClarkJan 16, 2018After 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.
