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After a sharp rally on the latest USDA report, corn and soybeans gave back part of their gains on 12 November. USDA cut the average US corn yield by 1.6 bushels per acre to 179.6 and corn production by 141 million bushels, below trade expectations, and US soybean ending stocks were well below last year.
World wheat production and stocks were raised, and wheat is awaiting Black Sea trade developments.
Lower US corn and soybean supplies firm the price floor for feed grains and soymeal, which raises feed costs for buyers. Wheat has no support from balance sheets, so its direction now depends on Black Sea shipping talks.
agroservis.rsAgroservisNov 12, 2026After 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.
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.
