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The USDA July WASDE set 2020-21 US corn production near 15 billion bushels, in line with expectations after a 5.6 million acre drop in harvested area. Corn ending stocks were cut 675 million bushels to 2.648 billion, while old-crop stocks rose 145 million bushels, and world corn ending stocks fell 22.9 million tonnes to 315 million.
US soybean production came in at 4.135 billion bushels, slightly below trade guesses.
Lower new-crop corn stocks signal tighter supply, but traders still see 2.6 billion bushels as a large burden, so corn prices reacted bearishly. Soybean output slightly below expectations offers modest support for feed meal pricing.
agweek.comMichelle Rook2020年7月10日在过去 1,102 次看跌的报告事件之后，玉米 在 5 个交易日内中位数变动 -0.2%（47% 上涨；中间一半区间为 -1.8% 至 +1.3%），20 个交易日内为 +0.0%。
在过去 563 次中性的报告事件之后，大豆 在 5 个交易日内中位数变动 -0.1%（48% 上涨；中间一半区间为 -1.7% 至 +1.6%），20 个交易日内为 -0.1%。
各商品基准价相对事件前最后收盘价的变动。历史数据汇总同类过往事件；仅描述已发生的情况，不代表未来走势。不构成投资建议。
Agweek reports a bearish market reaction to the July 10 WASDE, since production was in line with expectations and old-crop stocks rose, so the supply cut was already priced in and selling followed.
