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USDA cut its 2019-20 US corn crop by 102 million bushels to 13.799 billion, and soybean production to 3.633 billion bushels. Corn yield was lowered to 168.2 bushels per acre and soybean yield to 47.9, though both remained above pre-report averages.
USDA's first survey field data this season drove the revisions.
Corn output came in above pre-report expectations, which limits the bullish effect of the cut. Lower soybean production and ending stocks support soybean prices, and corn's larger balance keeps it under pressure.
proag.comSep 12, 2019After 770 past neutral report events, CORN moved a median +0.2% over 5 sessions (54% higher; middle half -1.1% to +1.6%), and +0.7% over 20.
After 747 past bullish report events, SOY 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.
