USDA's November WASDE projected corn and soybean yields below trade expectations. Corn rose about 11 cents and soybeans gained around 40 cents immediately after the release, pushing soybeans above $12.
Lower-than-expected yields tighten U.S. feed grain and soybean supplies, supporting prices for corn-based and soy-based feed ingredients. The surprise moved markets sharply.
After 1,040 past bullish report events, Corn moved a median +0.5% over 5 sessions (62% higher; middle half -0.9% to +2.0%), and +0.8% over 20.
After 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.
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.