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USDA - NASS: Price Reaction after Crop Reports (2019-03-14)

USDA U.S. Department of Agriculture - March 14, 2019


United States
Department of
Agriculture

National
Agricultural
Statistics
Service

ISSN: 1949-
1905

Price 
Reactions 
After
USDA Crop 
Reports

March 2019

Contents

Crop Reports and Price Reactions Overview.................................................  4

Price Reactions to USDA Crop Reports by Crop and Report...................................  5

Corn Price Changes Following Crop Production Reports - United States: 1985-2018...........  6

Corn Price Changes Following Grain Stocks Reports - United States: 1984-2018.............. 10

Soybean Price Changes Following Crop Production Reports - United States: 1985-2018........ 14

Soybean Price Changes Following Grain Stocks Reports - United States: 1984-2018........... 18

Wheat Price Changes Following Crop Production Reports - United States: 1987-2018.......... 22

Wheat Price Changes Following Grain Stocks Reports - United States: 1984-2018............. 26

Upland Cotton Price Changes Following Crop Production Reports - United States: 1989-2018.. 30

Information Contacts...................................................................... 34
 
Crop Reports and Price Reactions Overview

This report contains corn, soybean, wheat, and Upland cotton price reactions 
to the USDA Crop Production and Grain Stocks reports. Each year, estimates of 
corn, soybean, wheat, and cotton production are published in the monthly 
Crop Production reports. Corn and soybean estimates are published in the 
August, September, October, and November Crop Production reports and the 
January Crop Production Annual Summary. Wheat estimates are published in the 
May, June, July, and August Crop Production reports and the September 
Small Grains Annual Summary. Cotton estimates are included in the August, 
September, October, November, and December Crop Production reports and the 
January Crop Production Annual Summary. Estimates of corn, soybean, and wheat 
stocks are published in the Grain Stocks report issued in March, June, 
September, and January. This report does not imply that NASS reports are 
solely responsible for changes to the price level for commodities referenced 
in the publication. The price level for any commodity can potentially be 
affected by other information available to the market at that time but 
ultimately is determined by supply and demand.
	
The prices in this report for corn, soybeans, wheat, and cotton represent 
sales from producers to first buyers at major markets as reported by the USDA 
Agricultural Marketing Service (AMS). The price data series used for each 
commodity is described below:

Commodity	AMS Market News Price Used
Corn	The closing cash price for Southern Iowa #2 yellow corn.
Soybeans		The average price paid at Southern Iowa points by processors.
Wheat		The closing cash price for Kansas City #1 hard winter wheat 
(ordinary protein).
Upland cotton	The 7-Market Average Base Quotations for Upland cotton (the 
Upland cotton base quality is color 41, leaf grade 4, staple 
34).

Before May 1994, the quarterly Grain Stocks report, the monthly 
Crop Production report, as well as the Annual Crop Production and 
Small Grains Summaries were all published at 3:00 p.m. ET. Therefore, the 
"prior closing price," referred to in the tables of this report, is the 
closing price the day of the release since the United States markets were 
already closed at 3:00 p.m. ET and did not have a chance to react on that 
day. Referring to data in this publication, if a report was published on 
Thursday at 3:00 p.m. ET, the "prior closing price" is Thursday's closing 
price. The "day after price" is the closing price on Friday and the "week 
after price" is the following Thursday's closing price.

However, starting in May 1994, the release time for all reports mentioned 
previously was changed to 8:30 a.m. ET. Therefore, the "prior closing price," 
referred to in the tables of this report, is the previous day's closing price 
since the United States markets had not yet opened on the day of the release. 
The "day after" and "week after" prices are then published to reflect the 
same number of days after report publication as when the report was released 
at 3:00 p.m. ET. Referring again to data in this publication, if a report was 
published on Tuesday at 8:30 a.m. ET, the "prior closing price" is Monday's 
closing price. The "day after price" is the closing price on Tuesday since 
the United States markets were open after the report was released and the 
"week after price" is the following Monday's closing price.

Beginning in January 2013, the release time for publications referenced in 
this report was changed to 12:00 p.m. ET. This change did not affect the 
"prior closing price" or "day after price" definitions described in the 
previous paragraph.

Due to the lapse in federal funding in October 2013, the National 
Agricultural Statistics Service (NASS) 2013 October Crop Production report 
was cancelled. Additionally, Agricultural Marketing Service (AMS) Market News 
price reports were also cancelled. As a result, no data is available for a 
price comparison for the 2013 Small Grain Annual Summary or the 
2013 September Grain Stocks report.

Price Reactions to USDA Crop Reports by Crop and Report
------------------------------------------------------------------------------------------------
     Crop, USDA report,     :        Day after report         :        Week after report        
             and            :-------------------------------------------------------------------
       price reaction       :    Reaction    :    Average     :    Reaction    :    Average     
                            :                :price change 1/ :                :price change 1/ 
------------------------------------------------------------------------------------------------
                            :     number      cents per bushel      number      cents per bushel
                            :                                                                   
Corn                        :                                                                   
Crop Production (1985-2018) :                                                                   
  Price increases ..........:       69               7.7              85               11.8     
  No price change ..........:       18               (X)               1                (X)     
  Price decreases ..........:       82              -7.3              83              -12.9     
  Total ....................:      169               (X)             169                (X)     
                            :                                                                   
Grain Stocks (1984-2018)    :                                                                   
  Price increases ..........:       64               8.7              70               15.5     
  No price change ..........:        7               (X)               6                (X)     
  Price decreases ..........:       69              -9.8              64              -16.7     
  Total ....................:      140               (X)             140                (X)     
                            :                                                                   
Soybeans                    :                                                                   
Crop Production (1985-2018) :                                                                   
  Price increases ..........:       82              15.1              85               23.6     
  No price change ..........:        4               (X)               3                (X)     
  Price decreases ..........:       83             -16.0              81              -26.6     
  Total ....................:      169               (X)             169                (X)     
                            :                                                                   
Grain Stocks (1984-2018)    :                                                                   
  Price increases ..........:       63              16.9              64               25.5     
  No price change ..........:        3               (X)               1                (X)     
  Price decreases ..........:       74             -16.4              75              -25.1     
  Total ....................:      140               (X)             140                (X)     
                            :                                                                   
Wheat                       :                                                                   
Crop Production (1987-2018) :                                                                   
  Price increases ..........:       76               8.0              87               15.2     
  No price change ..........:       10               (X)               4                (X)     
  Price decreases ..........:       87              -7.6              82              -19.3     
  Total ....................:      173               (X)             173                (X)     
                            :                                                                   
Grain Stocks (1984-2018)    :                                                                   
  Price increases ..........:       64              10.2              62               17.6     
  No price change ..........:        7               (X)               5                (X)     
  Price decreases ..........:       69             -11.4              73              -16.0     
  Total ....................:      140               (X)             140                (X)     
                            :                                                                   
Upland cotton               :                                                                   
Crop Production (1989-2018) :                                                                   
  Price increases ..........:       83              92.2              96              192.8     
  No price change ..........:        0               (X)               1                (X)     
  Price decreases ..........:       96             -92.4              82             -198.2     
  Total ....................:      179               (X)             179                (X)     
------------------------------------------------------------------------------------------------
(X) Not applicable.                                                                             
1/  Cotton price changes displayed in points per pound.                                         

Corn Price Changes Following Crop Production Reports - United States: 1985-2018
-------------------------------------------------------------------------------------
               :                Price 1/                 :      Price change 2/      
               :---------------------------------------------------------------------
      Date     :    Prior    :  Day after  : Week after  :  Day after  : Week after  
               :   closing   :   report    :   report    :   report    :   report    
-------------------------------------------------------------------------------------
               :   -------- dollars per bushel -------         cents  per bushel     
               :                                                                     
1985           :                                                                     
August ........:      (NA)          (NA)          (NA)           0            +5     
September .....:      (NA)          (NA)          (NA)          -5           -13     
October .......:      (NA)          (NA)          (NA)          -3            -7     
November ......:      (NA)          (NA)          (NA)          +2            +8     
Annual ........:      (NA)          (NA)          (NA)          -1            -2     
               :                                                                     
1986           :                                                                     
August ........:      (NA)          (NA)          (NA)           0            -6     
September .....:      (NA)          (NA)          (NA)           0            -1     
October .......:      (NA)          (NA)          (NA)          -1            -4     
November ......:      (NA)          (NA)          (NA)           0            +2     
Annual ........:      (NA)          (NA)          (NA)          +2            +4     
               :                                                                     
1987           :                                                                     
August ........:      1.48          1.48          1.51           0            +3     
September .....:      1.57          1.56          1.61          -1            +4     
October .......:      1.54          1.54          1.66           0           +12     
November ......:      1.74          1.78          1.79          +4            +5     
Annual ........:      1.86          1.89          1.90          +3            +4     
               :                                                                     
1988           :                                                                     
August ........:      2.77          2.68          2.78          -9            +1     
September .....:      2.78          2.78          2.67           0           -11     
October .......:      2.81          2.81          2.75           0            -6     
November ......:      2.70          2.63          2.58          -7           -12     
Annual ........:      2.70          2.70          2.56           0           -14     
               :                                                                     
1989           :                                                                     
August ........:      2.33          2.40          2.42          +7            +9     
September .....:      2.42          2.36          2.30          -6           -12     
October .......:      2.33          2.32          2.40          -1            +7     
November ......:      2.34          2.35          2.40          +1            +6     
Annual ........:      2.32          2.36          2.34          +4            +2     
               :                                                                     
1990           :                                                                     
August ........:      2.55          2.54          2.58          -1            +3     
September .....:      2.36          2.30          2.26          -6           -10     
October .......:      2.34          2.27          2.25          -7            -9     
November ......:      2.33          2.32          2.25          -1            -8     
Annual ........:      2.31          2.35          2.39          +4            +8     
               :                                                                     
1991           :                                                                     
August ........:      2.56          2.53          2.36          -3           -20     
September .....:      2.46          2.44          2.40          -2            -6     
October .......:      2.42          2.42          2.34           0            -8     
November ......:      2.45          2.48          2.46          +3            +1     
Annual ........:      2.47          2.49          2.51          +2            +4     
               :                                                                     
1992           :                                                                     
August ........:      2.20          2.22          2.26          +2            +6     
September .....:      2.22          2.24          2.16          +2            -6     
October .......:      2.06          2.05          2.04          -1            -2     
November ......:      2.03          2.06          2.14          +3           +11     
Annual ........:      2.16          2.12          2.16          -4             0     
               :                                                                     
1993           :                                                                     
August ........:      2.30          2.23          2.24          -7            -6     
September .....:      2.24          2.25          2.26          +1            +2     
October .......:      2.30          2.36          2.37          +6            +7     
November ......:      2.61          2.72          2.78         +11           +17     
Annual ........:      3.04          3.08          2.96          +4            -8     
-------------------------------------------------------------------------------------
See footnote(s) at end of table.                                          --continued

Corn Price Changes Following Crop Production Reports - United States:
1985-2018 (continued)
-------------------------------------------------------------------------------------
               :                Price 1/                 :      Price change 2/      
               :---------------------------------------------------------------------
      Date     :    Prior    :  Day after  : Week after  :  Day after  : Week after  
               :   closing   :   report    :   report    :   report    :   report    
-------------------------------------------------------------------------------------
               :    ------ dollars per bushel ------           cents  per bushel     
               :                                                                     
1994           :                                                                     
August ........:    2.20          2.20          2.25             0            +5     
September .....:    2.18          2.11          2.05            -7           -13     
October .......:    2.01          2.02          1.98            +1            -3     
November ......:    2.08          2.10          2.12            +2            +4     
Annual ........:    2.33          2.34          2.35            +1            +2     
               :                                                                     
1995           :                                                                     
August ........:    2.65          2.65          2.67             0            +2     
September .....:    2.75          2.79          2.84            +4            +9     
October .......:    3.02          3.04          3.07            +2            +5     
November ......:    3.23          3.19          3.18            -4            -5     
Annual ........:    3.61          3.55          3.54            -6            -7     
               :                                                                     
1996           :                                                                     
August ........:    4.91          4.82          4.53            -9           -38     
September .....:    3.74          3.60          3.24           -14           -50     
October .......:    2.99          2.91          2.90            -8            -9     
November ......:    2.70          2.70          2.64             0            -6     
Annual ........:    2.53          2.60          2.67            +7           +14     
               :                                                                     
1997           :                                                                     
August ........:    2.50          2.63          2.59           +13            +9     
September .....:    2.66          2.56          2.54           -10           -12     
October .......:    2.70          2.73          2.67            +3            -3     
November ......:    2.76          2.71          2.70            -5            -6     
Annual ........:    2.49          2.63          2.70           +14           +21     
               :                                                                     
1998           :                                                                     
August ........:    2.06          2.03          1.99            -3            -7     
September .....:    1.86          1.81          1.75            -5           -11     
October .......:    1.93          1.98          2.05            +5           +12     
November ......:    2.10          2.20          2.15           +10            +5     
Annual ........:    2.12          2.11          2.11            -1            -1     
               :                                                                     
1999           :                                                                     
August ........:    1.88          1.74          1.81           -14            -7     
September .....:    1.86          1.83          1.75            -3           -11     
October .......:    1.69          1.64          1.75            -5            +6     
November ......:    1.95          1.88          1.91            -7            -4     
Annual ........:    1.91          1.97          2.06            +6           +15     
               :                                                                     
2000           :                                                                     
August ........:    1.54          1.56          1.57            +2            +3     
September .....:    1.67          1.66          1.51            -1           -16     
October .......:    1.80          1.84          1.86            +4            +6     
November ......:    1.97          1.99          1.98            +2            +1     
Annual ........:    2.11          2.04          2.00            -7           -11     
               :                                                                     
2001           :                                                                     
August ........:    2.09          2.09          2.02             0            -7     
September .....:    2.02          1.96          1.96            -6            -6     
October .......:    1.91          1.85          1.85            -6            -6     
November ......:    1.97          1.97          2.02             0            +5     
Annual ........:    1.97          2.00          2.01            +3            +4     
               :                                                                     
2002           :                                                                     
August ........:    2.44          2.53          2.65            +9           +21     
September .....:    2.79          2.69          2.58           -10           -21     
October .......:    2.39          2.35          2.44            -4            +5     
November ......:    2.26          2.29          2.40            +3           +14     
Annual ........:    2.33          2.24          2.22            -9           -11     
-------------------------------------------------------------------------------------
See footnote(s) at end of table.                                          --continued

Corn Price Changes Following Crop Production Reports - United States:
1985-2018 (continued)
-------------------------------------------------------------------------------------
               :                Price 1/                 :      Price change 2/      
               :---------------------------------------------------------------------
      Date     :    Prior    :  Day after  : Week after  :  Day after  : Week after  
               :   closing   :   report    :   report    :   report    :   report    
-------------------------------------------------------------------------------------
               :    ------ dollars per bushel ------           cents  per bushel     
               :                                                                     
2003           :                                                                     
August ........:    2.16          2.23          2.31            +7           +15     
September .....:    2.38          2.26          2.15           -12           -23     
October .......:    2.15          2.09          2.11            -6            -4     
November ......:    2.31          2.36          2.35            +5            +4     
Annual ........:    2.43          2.56          2.61           +13           +18     
               :                                                                     
2004           :                                                                     
August ........:    2.25          2.22          2.28            -3            +3     
September .....:    2.17          2.13          1.95            -4           -22     
October .......:    1.82          1.79          1.85            -3            +3     
November ......:    1.77          1.84          2.00            +7           +23     
Annual ........:    1.96          1.91          1.88            -5            -8     
               :                                                                     
2005           :                                                                     
August ........:    2.11          2.04          1.98            -7           -13     
September .....:    1.75          1.73          1.66            -2            -9     
October .......:    1.54          1.61          1.62            +7            +8     
November ......:    1.86          1.86          1.87             0            +1     
Annual ........:    1.98          1.97          1.97            -1            -1     
               :                                                                     
2006           :                                                                     
August ........:    2.14          2.01          1.98           -13           -16     
September .....:    2.14          2.09          2.22            -5            +8     
October .......:    2.54          2.67          2.91           +13           +37     
November ......:    3.43          3.38          3.52            -5            +9     
Annual ........:    3.54          3.67          3.86           +13           +32     
               :                                                                     
2007           :                                                                     
August ........:    3.07          3.07          2.90             0           -17     
September .....:    2.95          3.02          2.94            +7            -1     
October .......:    3.13          3.21          3.50            +8           +37     
November ......:    3.78          3.74          3.66            -4           -12     
Annual ........:    4.37          4.49          4.68           +12           +31     
               :                                                                     
2008           :                                                                     
August ........:    4.66          4.78          5.11           +12           +45     
September .....:    4.88          5.17          4.76           +29           -12     
October .......:    3.86          3.61          3.43           -25           -43     
November ......:    3.26          3.40          3.43           +14           +17     
Annual ........:    3.77          3.49          3.56           -28           -21     
               :                                                                     
2009           :                                                                     
August ........:    3.40          3.40          3.23             0           -17     
September .....:    3.12          3.15          3.28            +3           +16     
October .......:    3.48          3.44          3.54            -4            +6     
November ......:    3.36          3.49          3.76           +13           +40     
Annual ........:    3.78          3.48          3.26           -30           -52     
               :                                                                     
2010           :                                                                     
August ........:    3.58          3.71          3.85           +13           +27     
September .....:    4.24          4.36          4.53           +12           +29     
October .......:    4.61          4.81          5.26           +20           +65     
November ......:    5.53          5.43          5.39           -10           -14     
Annual ........:    5.86          6.10          6.37           +24           +51     
               :                                                                     
2011           :                                                                     
August ........:    6.95          7.16          7.08           +21           +13     
September .....:    7.08          7.19          6.65           +11           -43     
October .......:    6.30          6.26          6.38            -4            +8     
November ......:    6.56          6.53          6.44            -3           -12     
Annual ........:    6.36          5.96          5.81           -40           -55     
-------------------------------------------------------------------------------------
See footnote(s) at end of table.                                          --continued

Corn Price Changes Following Crop Production Reports - United States:
1985-2018 (continued)
-------------------------------------------------------------------------------------
               :                Price 1/                 :      Price change 2/      
               :---------------------------------------------------------------------
      Date     :    Prior    :  Day after  : Week after  :  Day after  : Week after  
               :   closing   :   report    :   report    :   report    :   report    
-------------------------------------------------------------------------------------
               :   -------- dollars per bushel -------         cents  per bushel     
               :                                                                     
2012           :                                                                     
August ........:      8.11          7.91          7.90         -20           -21     
September .....:      7.55          7.45          7.12         -10           -43     
October .......:      7.17          7.57          7.29         +40           +12     
November ......:      7.21          7.22          7.14          +1            -7     
Annual ........:      7.01          7.05          7.22          +4           +21     
               :                                                                     
2013           :                                                                     
August ........:      5.69          5.78          5.86          +9           +17     
September .....:      4.64          4.58          4.42          -6           -22     
October .......:      (NA)          (NA)          (NA)        (NA)          (NA)     
November ......:      4.16          4.22          4.27          +6           +11     
Annual ........:      4.11          4.31          4.26         +20           +15     
               :                                                                     
2014           :                                                                     
August ........:      3.65          3.69          3.71          +4            +6     
September .....:      3.36          3.31          3.28          -5            -8     
October .......:      3.03          2.93          3.11         -10            +8     
November ......:      3.33          3.30          3.46          -3           +13     
Annual ........:      3.76          3.80          3.69          +4            -7     
               :                                                                     
2015           :                                                                     
August ........:      3.62          3.43          3.54         -19            -8     
September .....:      3.52          3.62          3.45         +10            -7     
October .......:      3.63          3.55          3.51          -8           -12     
November ......:      3.62          3.56          3.57          -6            -5     
Annual ........:      3.40          3.48          3.54          +8           +14     
               :                                                                     
2016           :                                                                     
August ........:      3.09          3.07          3.17          -2            +8     
September .....:      3.07          3.05          3.04          -2            -3     
October .......:      3.18          3.07          3.22         -11            +4     
November ......:      3.38          3.25          3.24         -13           -14     
Annual ........:      3.39          3.41          3.47          +2            +8     
               :                                                                     
2017           :                                                                     
August ........:      3.47          3.32          3.30         -15           -17     
September .....:      3.22          3.16          3.07          -6           -15     
October .......:      3.09          3.12          3.11          +3            +2     
November ......:      3.15          3.10          3.12          -5            -3     
Annual ........:      3.30          3.27          3.32          -3            +2     
               :                                                                     
2018           :                                                                     
August ........:      3.31          3.22          3.42          -9           +11     
September .....:      3.25          3.10          2.95         -15           -30     
October .......:      3.26          3.30          3.30          +4            +4     
November ......:      3.54          3.53          3.49          -1            -5     
Annual ........:      3.51          3.46          3.47          -5            -4     
-------------------------------------------------------------------------------------
(NA) Not available.                                                                  
1/   Closing cash price for Southern Iowa #2 yellow corn as reported by AMS Grain    
     Market News.                                                                    
2/   The price change is indicated by the difference between the prior closing price 
     and the price for the day or week after each report.                            

Corn Price Changes Following Grain Stocks Reports - United States: 1984-2018
-------------------------------------------------------------------------------------
               :                Price 1/                 :      Price change 2/      
               :---------------------------------------------------------------------
      Date     :    Prior    :  Day after  : Week after  :  Day after  : Week after  
               :   closing   :   report    :   report    :   report    :   report    
-------------------------------------------------------------------------------------
               :   -------- dollars per bushel -------          cents per bushel     
               :                                                                     
1984           :                                                                     
January .......:      (NA)          (NA)          (NA)          -4            -4     
April .........:      (NA)          (NA)          (NA)         -10           -19     
June ..........:      (NA)          (NA)          (NA)          -1           -10     
October .......:      (NA)          (NA)          (NA)          -1            -2     
               :                                                                     
1985           :                                                                     
January .......:      (NA)          (NA)          (NA)           0             0     
April .........:      (NA)          (NA)          (NA)          +1            -2     
June ..........:      (NA)          (NA)          (NA)          -2            +4     
October .......:      (NA)          (NA)          (NA)          +2            +8     
               :                                                                     
1986           :                                                                     
January .......:      (NA)          (NA)          (NA)          -1            -2     
April .........:      (NA)          (NA)          (NA)          +2            +6     
June ..........:      (NA)          (NA)          (NA)          -9           -32     
September .....:      (NA)          (NA)          (NA)          -3           -16     
December ......:      (NA)          (NA)          (NA)          +2            +4     
               :                                                                     
1987           :                                                                     
March .........:      (NA)          (NA)          (NA)          -1            -6     
June ..........:      (NA)          (NA)          (NA)          -6             0     
September .....:      1.60          1.66          1.59          +6            -1     
December ......:      1.86          1.89          1.90          +3            +4     
               :                                                                     
1988           :                                                                     
March .........:      2.02          2.00          2.01          -2            -1     
June ..........:      2.90          3.00          2.94         +10            +4     
September .....:      2.73          2.78          2.80          +5            +7     
December ......:      2.70          2.70          2.56           0           -14     
               :                                                                     
1989           :                                                                     
March .........:      2.68          2.62          2.68          -6             0     
June ..........:      2.69          2.73          2.77          +4            +8     
September .....:      2.28          2.28          2.36           0            +8     
December ......:      2.32          2.36          2.34          +4            +2     
               :                                                                     
1990           :                                                                     
March .........:      2.61          2.64          2.69          +3            +8     
June ..........:      2.92          2.91          2.81          -1           -11     
September .....:      2.24          2.24          2.26           0            +2     
December ......:      2.31          2.35          2.39          +4            +8     
               :                                                                     
1991           :                                                                     
March .........:      2.56          2.58          2.58          +2            +2     
June ..........:      2.38          2.32          2.38          -6             0     
September .....:      2.32          2.41          2.44          +9           +12     
December ......:      2.47          2.49          2.51          +2            +4     
               :                                                                     
1992           :                                                                     
March .........:      2.62          2.57          2.60          -5            -2     
June ..........:      2.55          2.60          2.51          +5            -4     
September .....:      2.13          2.11          2.06          -2            -7     
December ......:      2.16          2.12          2.16          -4             0     
               :                                                                     
1993           :                                                                     
March .........:      2.33          2.32          2.36          -1            +3     
June ..........:      2.25          2.33          2.40          +8           +15     
September .....:      2.24          2.23          2.26          -1            +2     
December ......:      3.04          3.08          2.96          +4            -8     
-------------------------------------------------------------------------------------
See footnote(s) at end of table.                                          --continued

Corn Price Changes Following Grain Stocks Reports - United States:
1984-2018 (continued)
-------------------------------------------------------------------------------------
               :                Price 1/                 :      Price change 2/      
               :---------------------------------------------------------------------
      Date     :    Prior    :  Day after  : Week after  :  Day after  : Week after  
               :   closing   :   report    :   report    :   report    :   report    
-------------------------------------------------------------------------------------
               :    ------ dollars per bushel ------            cents per bushel     
               :                                                                     
1994           :                                                                     
March .........:    2.75          2.72          2.78            -3            +3     
June ..........:    2.46          2.49          2.35            +3           -11     
September .....:    2.00          2.03          2.07            +3            +7     
December ......:    2.33          2.34          2.35            +1            +2     
               :                                                                     
1995           :                                                                     
March .........:    2.48          2.48          2.47             0            -1     
June ..........:    2.66          2.70          2.78            +4           +12     
September .....:    2.93          2.93          2.94             0            +1     
December ......:    3.61          3.55          3.54            -6            -7     
               :                                                                     
1996           :                                                                     
March .........:    4.05          4.14          4.26            +9           +21     
June ..........:    4.77          5.00          5.15           +23           +38     
September .....:    3.18          3.01          2.94           -17           -24     
December ......:    2.53          2.60          2.67            +7           +14     
               :                                                                     
1997           :                                                                     
March .........:    3.01          3.03          2.89            +2           -12     
June ..........:    2.41          2.43          2.36            +2            -5     
September .....:    2.48          2.47          2.52            -1            +4     
December ......:    2.49          2.63          2.70           +14           +21     
               :                                                                     
1998           :                                                                     
March .........:    2.63          2.56          2.46            -7           -17     
June ..........:    2.33          2.40          2.34            +7            +1     
September .....:    1.84          1.80          1.85            -4            +1     
December ......:    2.12          2.11          2.11            -1            -1     
               :                                                                     
1999           :                                                                     
March .........:    2.26          2.20          2.11            -6           -15     
June ..........:    2.00          2.00          1.76             0           -24     
September .....:    1.88          1.80          1.71            -8           -17     
December ......:    1.91          1.97          2.06            +6           +15     
               :                                                                     
2000           :                                                                     
March .........:    2.20          2.21          2.16            +1            -4     
June ..........:    1.69          1.65          1.62            -4            -7     
September .....:    1.61          1.65          1.83            +4           +22     
December ......:    2.11          2.04          2.00            -7           -11     
               :                                                                     
2001           :                                                                     
March .........:    1.93          1.86          2.00            -7            +7     
June ..........:    1.78          1.79          1.89            +1           +11     
September .....:    1.86          1.82          1.84            -4            -2     
December ......:    1.97          2.00          2.01            +3            +4     
               :                                                                     
2002           :                                                                     
March .........:    2.03          2.00          1.98            -3            -5     
June ..........:    2.22          2.20          2.26            -2            +4     
September .....:    2.50          2.40          2.47           -10            -3     
December ......:    2.33          2.24          2.22            -9           -11     
               :                                                                     
2003           :                                                                     
March .........:    2.30          2.38          2.40            +8           +10     
June ..........:    2.35          2.30          2.29            -5            -6     
September .....:    2.13          2.08          2.10            -5            -3     
December ......:    2.43          2.56          2.61           +13           +18     
-------------------------------------------------------------------------------------
See footnote(s) at end of table.                                          --continued

Corn Price Changes Following Grain Stocks Reports - United States:
1984-2018 (continued)
-------------------------------------------------------------------------------------
               :                Price 1/                 :      Price change 2/      
               :---------------------------------------------------------------------
      Date     :    Prior    :  Day after  : Week after  :  Day after  : Week after  
               :   closing   :   report    :   report    :   report    :   report    
-------------------------------------------------------------------------------------
               :    ------ dollars per bushel ------            cents per bushel     
               :                                                                     
2004           :                                                                     
March .........:    3.06          3.11          3.19            +5           +13     
June ..........:    2.68          2.58          2.51           -10           -17     
September .....:    1.70          1.68          1.75            -2            +5     
December ......:    1.96          1.91          1.88            -5            -8     
               :                                                                     
2005           :                                                                     
March .........:    2.07          2.04          1.97            -3           -10     
June ..........:    2.04          2.01          2.21            -3           +17     
September .....:    1.58          1.61          1.57            +3            -1     
December ......:    1.98          1.97          1.97            -1            -1     
               :                                                                     
2006           :                                                                     
March .........:    2.13          2.14          2.23            +1           +10     
June ..........:    2.09          2.11          2.18            +2            +9     
September .....:    2.36          2.26          2.33           -10            -3     
December ......:    3.54          3.67          3.86           +13           +32     
               :                                                                     
2007           :                                                                     
March .........:    3.65          3.48          3.42           -17           -23     
June ..........:    3.25          3.11          3.18           -14            -7     
September .....:    3.46          3.30          2.93           -16           -53     
December ......:    4.37          4.49          4.68           +12           +31     
               :                                                                     
2008           :                                                                     
March .........:    5.14          5.23          5.61            +9           +47     
June ..........:    6.97          6.63          6.46           -34           -51     
September .....:    4.56          4.29          3.65           -27           -91     
December ......:    3.77          3.49          3.56           -28           -21     
               :                                                                     
2009           :                                                                     
March .........:    3.73          3.91          3.95           +18           +22     
June ..........:    3.78          3.51          3.41           -27           -37     
September .....:    3.27          3.25          3.39            -2           +12     
December ......:    3.78          3.48          3.26           -30           -52     
               :                                                                     
2010           :                                                                     
March .........:    3.34          3.35          3.37            +1            +3     
June ..........:    3.19          3.43          3.52           +24           +33     
September .....:    4.70          4.58          4.50           -12           -20     
December ......:    5.86          6.10          6.37           +24           +51     
               :                                                                     
2011           :                                                                     
March .........:    6.32          6.77          7.45           +45          +113     
June ..........:    6.87          6.43          6.38           -44           -49     
September .....:    6.10          5.70          5.89           -40           -21     
December ......:    6.36          5.96          5.81           -40           -55     
               :                                                                     
2012           :                                                                     
March .........:    5.97          6.40          6.58           +43           +61     
June ..........:    6.61          6.79          7.62           +18          +101     
September .....:    6.84          7.20          7.31           +36           +47     
December ......:    7.01          7.05          7.22            +4           +21     
-------------------------------------------------------------------------------------
See footnote(s) at end of table.                                          --continued

Corn Price Changes Following Grain Stocks Reports - United States:
1984-2018 (continued)
-------------------------------------------------------------------------------------
               :                Price 1/                 :      Price change 2/      
               :---------------------------------------------------------------------
      Date     :    Prior    :  Day after  : Week after  :  Day after  : Week after  
               :   closing   :   report    :   report    :   report    :   report    
-------------------------------------------------------------------------------------
               :   -------- dollars per bushel -------         cents  per bushel     
               :                                                                     
2013           :                                                                     
March .........:      7.49          7.09          6.53         -40           -96     
June ..........:      7.00          6.96          6.67          -4           -33     
September .....:      (NA)          (NA)          (NA)        (NA)          (NA)     
December ......:      4.11          4.31          4.26         +20           +15     
               :                                                                     
2014           :                                                                     
March .........:      4.90          5.00          4.97         +10            +7     
June ..........:      4.45          4.25          4.15         -20           -30     
September .....:      2.83          2.77          2.89          -6            +6     
December ......:      3.76          3.80          3.69          +4            -7     
               :                                                                     
2015           :                                                                     
March .........:      3.85          3.68          3.74         -17           -11     
June ..........:      3.67          3.97          4.00         +30           +33     
September .....:      3.60          3.56          3.68          -4            +8     
December ......:      3.40          3.48          3.54          +8           +14     
               :                                                                     
2016           :                                                                     
March .........:      3.62          3.48          3.54         -14            -8     
June ..........:      3.64          3.50          3.30         -14           -34     
September .....:      2.98          3.05          3.09          +7           +11     
December ......:      3.39          3.41          3.47          +2            +8     
               :                                                                     
2017           :                                                                     
March .........:      3.47          3.54          3.49          +7            +2     
June ..........:      3.41          3.53          3.59         +12           +18     
September .....:      3.03          3.04          3.03          +1             0     
December ......:      3.30          3.27          3.32          -3            +2     
               :                                                                     
2018           :                                                                     
March .........:      3.35          3.45          3.39         +10            +4     
June ..........:      3.27          3.28          3.26          +1            -1     
September .....:      3.25          3.14          3.27         -11            +2     
December ......:      3.51          3.46          3.47          -5            -4     
-------------------------------------------------------------------------------------
(NA) Not available.                                                                  
1/   Closing cash price for Southern Iowa #2 yellow corn as reported by AMS Grain    
     Market News.                                                                    
2/   The price change is indicated by the difference between the prior closing price 
     and the price for the day or week after each report.                            

Soybean Price Changes Following Crop Production Reports - United States: 1985-2018
-------------------------------------------------------------------------------------
               :                Price 1/                 :      Price change 2/      
               :---------------------------------------------------------------------
      Date     :    Prior    :  Day after  : Week after  :  Day after  : Week after  
               :   closing   :   report    :   report    :   report    :   report    
-------------------------------------------------------------------------------------
               :   -------- dollars per bushel -------          cents per bushel     
               :                                                                     
1985           :                                                                     
August ........:      (NA)          (NA)          (NA)          -4           -10     
September .....:      (NA)          (NA)          (NA)          +5            +2     
October .......:      (NA)          (NA)          (NA)          -3            +1     
November ......:      (NA)          (NA)          (NA)          -5           -30     
Annual ........:      (NA)          (NA)          (NA)          -1            -3     
               :                                                                     
1986           :                                                                     
August ........:      (NA)          (NA)          (NA)          +3             0     
September .....:      (NA)          (NA)          (NA)          +3           -14     
October .......:      (NA)          (NA)          (NA)          +2            +1     
November ......:      (NA)          (NA)          (NA)          -1            -4     
Annual ........:      (NA)          (NA)          (NA)          +1            +1     
               :                                                                     
1987           :                                                                     
August ........:      (NA)          (NA)          (NA)          +2            +3     
September .....:      (NA)          (NA)          (NA)          +3            +5     
October .......:      (NA)          (NA)          (NA)          -4            -3     
November ......:      (NA)          (NA)          (NA)          +2           +12     
Annual ........:      (NA)          (NA)          (NA)         +11            +6     
               :                                                                     
1988           :                                                                     
August ........:      (NA)          (NA)          (NA)         -10           +33     
September .....:      (NA)          (NA)          (NA)          +3            +5     
October .......:      (NA)          (NA)          (NA)          -4            -3     
November ......:      (NA)          (NA)          (NA)         -26           -51     
Annual ........:      (NA)          (NA)          (NA)         -36           -63     
               :                                                                     
1989           :                                                                     
August ........:      6.10          6.20          6.14         +10            +4     
September .....:      6.00          5.70          5.69         -30           -31     
October .......:      5.42          5.34          5.56          -8           +14     
November ......:      5.62          5.52          5.84         -10           +22     
Annual ........:      5.66          5.62          5.54          -4           -12     
               :                                                                     
1990           :                                                                     
August ........:      6.13          6.23          6.26         +10           +13     
September .....:      6.33          6.25          6.09          -8           -24     
October .......:      6.15          6.12          6.00          -3           -15     
November ......:      5.84          5.74          5.68         -10           -16     
Annual ........:      5.55          5.57          5.76          +2           +21     
               :                                                                     
1991           :                                                                     
August ........:      5.62          5.55          5.35          -7           -27     
September .....:      5.88          5.88          5.92           0            +4     
October .......:      5.68          5.46          5.36         -22           -32     
November ......:      5.54          5.62          5.66          +8           +12     
Annual ........:      5.58          5.51          5.60          -7            +2     
               :                                                                     
1992           :                                                                     
August ........:      5.47          5.57          5.54         +10            +7     
September .....:      5.57          5.51          5.42          -6           -15     
October .......:      5.22          5.27          5.15          +5            -7     
November ......:      5.40          5.51          5.55         +11           +15     
Annual ........:      5.68          5.70          5.68          +2             0     
               :                                                                     
1993           :                                                                     
August ........:      6.73          6.44          6.46         -29           -27     
September .....:      6.38          6.20          6.24         -18           -14     
October .......:      6.00          5.98          5.96          -2            -4     
November ......:      6.28          6.57          6.76         +29           +48     
Annual ........:      6.98          7.22          7.08         +24           +10     
-------------------------------------------------------------------------------------
See footnote(s) at end of table.                                          --continued

Soybeans Price Changes Following Crop Production Reports - United States:
1985-2018 (continued)
-------------------------------------------------------------------------------------
               :                Price 1/                 :      Price change 2/      
               :---------------------------------------------------------------------
               :    Prior    :  Day after  : Week after  :  Day after  : Week after  
      Date     :   closing   :   report    :   report    :   report    :   report    
-------------------------------------------------------------------------------------
               :    ------ dollars per bushel ------            cents per bushel     
               :                                                                     
1994           :                                                                     
August ........:    5.70          5.71          5.69            +1            -1     
September .....:    5.65          5.68          5.36            +3           -29     
October .......:    5.08          5.16          5.20            +8           +12     
November ......:    5.51          5.56          5.63            +5           +12     
Annual ........:    5.59          5.56          5.51            -3            -8     
               :                                                                     
1995           :                                                                     
August ........:    5.83          5.74          5.84            -9            +1     
Se

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