Price Reactions After USDA Crop Reports

0003 - Price Reactions After Crop Report Release - Mar 12, 2020.pdf

Agricultural Prices

Price Reactions After USDA Crop Reports

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United States
Department of
Agriculture
National
Agricultural
Statistics
Service

Price Reactions After
USDA Crop Reports
March 2020

ISSN: 1949-1905

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: 1985-2019.......................................................... 6
Corn Price Changes Following Grain Stocks Reports – United States: 1984-2019 ............................................................. 10
Soybean Price Changes Following Crop Production Reports – United States: 1985-2019 .................................................. 14
Soybean Price Changes Following Grain Stocks Reports – United States: 1984-2019........................................................ 18
Wheat Price Changes Following Crop Production Reports – United States: 1987-2019 ..................................................... 22
Wheat Price Changes Following Grain Stocks Reports – United States: 1984-2019 ........................................................... 26
Upland Cotton Price Changes Following Crop Production Reports – United States: 1989-2019 ........................................ 30
Information Contacts ............................................................................................................................................................ 34

Price Reactions After USDA Crop Reports (March 2020)
USDA, National Agricultural Statistics Service

3

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
Corn
Soybeans
Wheat
Upland cotton

AMS Market News Price Used
The closing cash price for Southern Iowa #2 yellow corn.
The average price paid at Southern Iowa points by processors.
The closing cash price for Kansas City #1 hard winter wheat (ordinary protein).
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.

4

Price Reactions After USDA Crop Reports (March 2020)
USDA, National Agricultural Statistics Service

Price Reactions to USDA Crop Reports by Crop and Report
Crop, USDA report,
and
price reaction

Day after report

Week after report

Reaction

Average
price change 1

Reaction

Average
price change 1

(number)

(cents per bushel)

(number)

(cents per bushel)

Corn
Crop Production (1985-2019)
Price increases ......................................
No price change .....................................
Price decreases .....................................
Total ......................................................

72
18
84
174

7.5
(X)
-7.5
(X)

87
1
86
174

11.7
(X)
-13.0
(X)

Grain Stocks (1984-2019)
Price increases ......................................
No price change .....................................
Price decreases .....................................
Total ......................................................

66
7
71
144

8.7
(X)
-10.0
(X)

71
6
67
144

15.4
(X)
-16.1
(X)

Soybeans
Crop Production (1985-2019)
Price increases ......................................
No price change .....................................
Price decreases .....................................
Total ......................................................

84
5
85
174

15.1
(X)
-15.9
(X)

87
3
84
174

23.5
(X)
-26.1
(X)

Grain Stocks (1984-2019)
Price increases ......................................
No price change .....................................
Price decreases .....................................
Total ......................................................

66
3
75
144

16.7
(X)
-16.2
(X)

67
1
76
144

25.4
(X)
-25.0
(X)

Wheat
Crop Production (1987-2019)
Price increases ......................................
No price change .....................................
Price decreases .....................................
Total ......................................................

79
10
89
178

8.1
(X)
-7.8
(X)

88
4
86
178

15.2
(X)
-18.7
(X)

Grain Stocks (1984-2019)
Price increases ......................................
No price change .....................................
Price decreases .....................................
Total ......................................................

65
8
71
144

10.2
(X)
-11.4
(X)

63
5
76
144

17.4
(X)
-16.0
(X)

Upland cotton
Crop Production (1989-2019)
Price increases ......................................
No price change .....................................
Price decreases .....................................
Total ......................................................

87
0
98
185

92.8
(X)
-92.3
(X)

100
1
84
185

193.0
(X)
-194.5
(X)

(X) Not applicable.
1
Cotton price changes displayed in points per pound.

Price Reactions After USDA Crop Reports (March 2020)
USDA, National Agricultural Statistics Service

5

Corn Price Changes Following Crop Production Reports – United States: 1985-2019
Price 1
Date

Price change 2

Prior
closing

Day after
report

Week after
report

Day after
report

Week after
report

(dollars per bushel)

(dollars per bushel)

(dollars per bushel)

(cents per bushel)

(cents per bushel)

1985
August ...........................
September .....................
October ..........................
November ......................
Annual ...........................

(NA)
(NA)
(NA)
(NA)
(NA)

(NA)
(NA)
(NA)
(NA)
(NA)

(NA)
(NA)
(NA)
(NA)
(NA)

0
-5
-3
+2
-1

+5
-13
-7
+8
-2

1986
August ...........................
September .....................
October ..........................
November ......................
Annual ...........................

(NA)
(NA)
(NA)
(NA)
(NA)

(NA)
(NA)
(NA)
(NA)
(NA)

(NA)
(NA)
(NA)
(NA)
(NA)

0
0
-1
0
+2

-6
-1
-4
+2
+4

1987
August ...........................
September .....................
October ..........................
November ......................
Annual ...........................

1.48
1.57
1.54
1.74
1.86

1.48
1.56
1.54
1.78
1.89

1.51
1.61
1.66
1.79
1.90

0
-1
0
+4
+3

+3
+4
+12
+5
+4

1988
August ...........................
September .....................
October ..........................
November ......................
Annual ...........................

2.77
2.78
2.81
2.70
2.70

2.68
2.78
2.81
2.63
2.70

2.78
2.67
2.75
2.58
2.56

-9
0
0
-7
0

+1
-11
-6
-12
-14

1989
August ...........................
September .....................
October ..........................
November ......................
Annual ...........................

2.33
2.42
2.33
2.34
2.32

2.40
2.36
2.32
2.35
2.36

2.42
2.30
2.40
2.40
2.34

+7
-6
-1
+1
+4

+9
-12
+7
+6
+2

1990
August ...........................
September .....................
October ..........................
November ......................
Annual ...........................

2.55
2.36
2.34
2.33
2.31

2.54
2.30
2.27
2.32
2.35

2.58
2.26
2.25
2.25
2.39

-1
-6
-7
-1
+4

+3
-10
-9
-8
+8

1991
August ...........................
September .....................
October ..........................
November ......................
Annual ...........................

2.56
2.46
2.42
2.45
2.47

2.53
2.44
2.42
2.48
2.49

2.36
2.40
2.34
2.46
2.51

-3
-2
0
+3
+2

-20
-6
-8
+1
+4

1992
August ...........................
September .....................
October ..........................
November ......................
Annual ...........................

2.20
2.22
2.06
2.03
2.16

2.22
2.24
2.05
2.06
2.12

2.26
2.16
2.04
2.14
2.16

+2
+2
-1
+3
-4

+6
-6
-2
+11
0

1993
August ...........................
September .....................
October ..........................
November ......................
Annual ...........................

2.30
2.24
2.30
2.61
3.04

2.23
2.25
2.36
2.72
3.08

2.24
2.26
2.37
2.78
2.96

-7
+1
+6
+11
+4

-6
+2
+7
+17
-8

See footnote(s) at end of table.

6

--continued

Price Reactions After USDA Crop Reports (March 2020)
USDA, National Agricultural Statistics Service

Corn Price Changes Following Crop Production Reports – United States: 1985-2019 (continued)
Price 1
Date

Price change 2

Prior
closing

Day after
report

Week after
report

Day after
report

Week after
report

(dollars per bushel)

(dollars per bushel)

(dollars per bushel)

(cents per bushel)

(cents per bushel)

1994
August ...........................
September .....................
October .........................
November ......................
Annual ...........................

2.20
2.18
2.01
2.08
2.33

2.20
2.11
2.02
2.10
2.34

2.25
2.05
1.98
2.12
2.35

0
-7
+1
+2
+1

+5
-13
-3
+4
+2

1995
August ...........................
September .....................
October .........................
November ......................
Annual ...........................

2.65
2.75
3.02
3.23
3.61

2.65
2.79
3.04
3.19
3.55

2.67
2.84
3.07
3.18
3.54

0
+4
+2
-4
-6

+2
+9
+5
-5
-7

1996
August ...........................
September .....................
October .........................
November ......................
Annual ...........................

4.91
3.74
2.99
2.70
2.53

4.82
3.60
2.91
2.70
2.60

4.53
3.24
2.90
2.64
2.67

-9
-14
-8
0
+7

-38
-50
-9
-6
+14

1997
August ...........................
September .....................
October .........................
November ......................
Annual ...........................

2.50
2.66
2.70
2.76
2.49

2.63
2.56
2.73
2.71
2.63

2.59
2.54
2.67
2.70
2.70

+13
-10
+3
-5
+14

+9
-12
-3
-6
+21

1998
August ...........................
September .....................
October .........................
November ......................
Annual ...........................

2.06
1.86
1.93
2.10
2.12

2.03
1.81
1.98
2.20
2.11

1.99
1.75
2.05
2.15
2.11

-3
-5
+5
+10
-1

-7
-11
+12
+5
-1

1999
August ...........................
September .....................
October .........................
November ......................
Annual ...........................

1.88
1.86
1.69
1.95
1.91

1.74
1.83
1.64
1.88
1.97

1.81
1.75
1.75
1.91
2.06

-14
-3
-5
-7
+6

-7
-11
+6
-4
+15

2000
August ...........................
September .....................
October .........................
November ......................
Annual ...........................

1.54
1.67
1.80
1.97
2.11

1.56
1.66
1.84
1.99
2.04

1.57
1.51
1.86
1.98
2.00

+2
-1
+4
+2
-7

+3
-16
+6
+1
-11

2001
August ...........................
September .....................
October .........................
November ......................
Annual ...........................

2.09
2.02
1.91
1.97
1.97

2.09
1.96
1.85
1.97
2.00

2.02
1.96
1.85
2.02
2.01

0
-6
-6
0
+3

-7
-6
-6
+5
+4

2002
August ...........................
September .....................
October .........................
November ......................
Annual ...........................

2.44
2.79
2.39
2.26
2.33

2.53
2.69
2.35
2.29
2.24

2.65
2.58
2.44
2.40
2.22

+9
-10
-4
+3
-9

+21
-21
+5
+14
-11

See footnote(s) at end of table.

Price Reactions After USDA Crop Reports (March 2020)
USDA, National Agricultural Statistics Service

--continued

7

Corn Price Changes Following Crop Production Reports – United States: 1985-2019 (continued)
Price 1
Date

Price change 2

Prior
closing

Day after
report

Week after
report

Day after
report

Week after
report

(dollars per bushel)

(dollars per bushel)

(dollars per bushel)

(cents per bushel)

(cents per bushel)

2003
August ...........................
September .....................
October ..........................
November ......................
Annual ...........................

2.16
2.38
2.15
2.31
2.43

2.23
2.26
2.09
2.36
2.56

2.31
2.15
2.11
2.35
2.61

+7
-12
-6
+5
+13

+15
-23
-4
+4
+18

2004
August ...........................
September .....................
October ..........................
November ......................
Annual ...........................

2.25
2.17
1.82
1.77
1.96

2.22
2.13
1.79
1.84
1.91

2.28
1.95
1.85
2.00
1.88

-3
-4
-3
+7
-5

+3
-22
+3
+23
-8

2005
August ...........................
September .....................
October ..........................
November ......................
Annual ...........................

2.11
1.75
1.54
1.86
1.98

2.04
1.73
1.61
1.86
1.97

1.98
1.66
1.62
1.87
1.97

-7
-2
+7
0
-1

-13
-9
+8
+1
-1

2006
August ...........................
September .....................
October ..........................
November ......................
Annual ...........................

2.14
2.14
2.54
3.43
3.54

2.01
2.09
2.67
3.38
3.67

1.98
2.22
2.91
3.52
3.86

-13
-5
+13
-5
+13

-16
+8
+37
+9
+32

2007
August ...........................
September .....................
October ..........................
November ......................
Annual ...........................

3.07
2.95
3.13
3.78
4.37

3.07
3.02
3.21
3.74
4.49

2.90
2.94
3.50
3.66
4.68

0
+7
+8
-4
+12

-17
-1
+37
-12
+31

2008
August ...........................
September .....................
October ..........................
November ......................
Annual ...........................

4.66
4.88
3.86
3.26
3.77

4.78
5.17
3.61
3.40
3.49

5.11
4.76
3.43
3.43
3.56

+12
+29
-25
+14
-28

+45
-12
-43
+17
-21

2009
August ...........................
September .....................
October ..........................
November ......................
Annual ...........................

3.40
3.12
3.48
3.36
3.78

3.40
3.15
3.44
3.49
3.48

3.23
3.28
3.54
3.76
3.26

0
+3
-4
+13
-30

-17
+16
+6
+40
-52

2010
August ...........................
September .....................
October ..........................
November ......................
Annual ...........................

3.58
4.24
4.61
5.53
5.86

3.71
4.36
4.81
5.43
6.10

3.85
4.53
5.26
5.39
6.37

+13
+12
+20
-10
+24

+27
+29
+65
-14
+51

2011
August ...........................
September .....................
October ..........................
November ......................
Annual ...........................

6.95
7.08
6.30
6.56
6.36

7.16
7.19
6.26
6.53
5.96

7.08
6.65
6.38
6.44
5.81

+21
+11
-4
-3
-40

+13
-43
+8
-12
-55

See footnote(s) at end of table.

8

--continued

Price Reactions After USDA Crop Reports (March 2020)
USDA, National Agricultural Statistics Service

Corn Price Changes Following Crop Production Reports – United States: 1985-2019 (continued)
Price 1
Date

Price change 2

Prior
closing

Day after
report

Week after
report

Day after
report

Week after
report

(dollars per bushel)

(dollars per bushel)

(dollars per bushel)

(cents per bushel)

(cents per bushel)

2012
August ...........................
September .....................
October .........................
November ......................
Annual ...........................

8.11
7.55
7.17
7.21
7.01

7.91
7.45
7.57
7.22
7.05

7.90
7.12
7.29
7.14
7.22

-20
-10
+40
+1
+4

-21
-43
+12
-7
+21

2013
August ...........................
September .....................
October .........................
November ......................
Annual ...........................

5.69
4.64
(NA)
4.16
4.11

5.78
4.58
(NA)
4.22
4.31

5.86
4.42
(NA)
4.27
4.26

+9
-6
(NA)
+6
+20

+17
-22
(NA)
+11
+15

2014
August ...........................
September .....................
October .........................
November ......................
Annual ...........................

3.65
3.36
3.03
3.33
3.76

3.69
3.31
2.93
3.30
3.80

3.71
3.28
3.11
3.46
3.69

+4
-5
-10
-3
+4

+6
-8
+8
+13
-7

2015
August ...........................
September .....................
October .........................
November ......................
Annual ...........................

3.62
3.52
3.63
3.62
3.40

3.43
3.62
3.55
3.56
3.48

3.54
3.45
3.51
3.57
3.54

-19
+10
-8
-6
+8

-8
-7
-12
-5
+14

2016
August ...........................
September .....................
October .........................
November ......................
Annual ...........................

3.09
3.07
3.18
3.38
3.39

3.07
3.05
3.07
3.25
3.41

3.17
3.04
3.22
3.24
3.47

-2
-2
-11
-13
+2

+8
-3
+4
-14
+8

2017
August ...........................
September .....................
October .........................
November ......................
Annual ...........................

3.47
3.22
3.09
3.15
3.30

3.32
3.16
3.12
3.10
3.27

3.30
3.07
3.11
3.12
3.32

-15
-6
+3
-5
-3

-17
-15
+2
-3
+2

2018
August ...........................
September .....................
October .........................
November ......................
Annual ...........................

3.31
3.25
3.26
3.54
3.51

3.22
3.10
3.30
3.53
3.46

3.42
2.95
3.30
3.49
3.47

-9
-15
+4
-1
-5

+11
-30
+4
-5
-4

2019
August ...........................
September .....................
October .........................
November ......................
Annual ...........................

3.65
3.30
3.65
3.66
3.62

3.40
3.37
3.57
3.67
3.65

3.20
3.42
3.69
3.65
3.60

-25
+7
-8
+1
+3

-45
+12
+4
-1
-2

(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.

Price Reactions After USDA Crop Reports (March 2020)
USDA, National Agricultural Statistics Service

9

Corn Price Changes Following Grain Stocks Reports – United States: 1984-2019
Price 1
Date

Price change 2

Prior
closing

Day after
report

Week after
report

Day after
report

Week after
report

(dollars per bushel)

(dollars per bushel)

(dollars per bushel)

(cents per bushel)

(cents per bushel)

1984
January ..........................
April ...............................
June ...............................
October ..........................

(NA)
(NA)
(NA)
(NA)

(NA)
(NA)
(NA)
(NA)

(NA)
(NA)
(NA)
(NA)

-4
-10
-1
-1

-4
-19
-10
-2

1985
January ..........................
April ...............................
June ...............................
October ..........................

(NA)
(NA)
(NA)
(NA)

(NA)
(NA)
(NA)
(NA)

(NA)
(NA)
(NA)
(NA)

0
+1
-2
+2

0
-2
+4
+8

1986
January ..........................
April ...............................
June ...............................
September .....................
December ......................

(NA)
(NA)
(NA)
(NA)
(NA)

(NA)
(NA)
(NA)
(NA)
(NA)

(NA)
(NA)
(NA)
(NA)
(NA)

-1
+2
-9
-3
+2

-2
+6
-32
-16
+4

1987
March .............................
June ...............................
September .....................
December ......................

(NA)
(NA)
1.60
1.86

(NA)
(NA)
1.66
1.89

(NA)
(NA)
1.59
1.90

-1
-6
+6
+3

-6
0
-1
+4

1988
March .............................
June ...............................
September .....................
December ......................

2.02
2.90
2.73
2.70

2.00
3.00
2.78
2.70

2.01
2.94
2.80
2.56

-2
+10
+5
0

-1
+4
+7
-14

1989
March .............................
June ...............................
September .....................
December ......................

2.68
2.69
2.28
2.32

2.62
2.73
2.28
2.36

2.68
2.77
2.36
2.34

-6
+4
0
+4

0
+8
+8
+2

1990
March .............................
June ...............................
September .....................
December ......................

2.61
2.92
2.24
2.31

2.64
2.91
2.24
2.35

2.69
2.81
2.26
2.39

+3
-1
0
+4

+8
-11
+2
+8

1991
March .............................
June ...............................
September .....................
December ......................

2.56
2.38
2.32
2.47

2.58
2.32
2.41
2.49

2.58
2.38
2.44
2.51

+2
-6
+9
+2

+2
0
+12
+4

1992
March .............................
June ...............................
September .....................
December ......................

2.62
2.55
2.13
2.16

2.57
2.60
2.11
2.12

2.60
2.51
2.06
2.16

-5
+5
-2
-4

-2
-4
-7
0

1993
March .............................
June ...............................
September .....................
December ......................

2.33
2.25
2.24
3.04

2.32
2.33
2.23
3.08

2.36
2.40
2.26
2.96

-1
+8
-1
+4

+3
+15
+2
-8

See footnote(s) at end of table.

10

--continued

Price Reactions After USDA Crop Reports (March 2020)
USDA, National Agricultural Statistics Service

Corn Price Changes Following Grain Stocks Reports – United States: 1984-2019 (continued)
Price 1
Date

Price change 2

Prior
closing

Day after
report

Week after
report

Day after
report

Week after
report

(dollars per bushel)

(dollars per bushel)

(dollars per bushel)

(cents per bushel)

(cents per bushel)

1994
March ............................
June ..............................
September .....................
December ......................

2.75
2.46
2.00
2.33

2.72
2.49
2.03
2.34

2.78
2.35
2.07
2.35

-3
+3
+3
+1

+3
-11
+7
+2

1995
March ............................
June ..............................
September .....................
December ......................

2.48
2.66
2.93
3.61

2.48
2.70
2.93
3.55

2.47
2.78
2.94
3.54

0
+4
0
-6

-1
+12
+1
-7

1996
March ............................
June ..............................
September .....................
December ......................

4.05
4.77
3.18
2.53

4.14
5.00
3.01
2.60

4.26
5.15
2.94
2.67

+9
+23
-17
+7

+21
+38
-24
+14

1997
March ............................
June ..............................
September .....................
December ......................

3.01
2.41
2.48
2.49

3.03
2.43
2.47
2.63

2.89
2.36
2.52
2.70

+2
+2
-1
+14

-12
-5
+4
+21

1998
March ............................
June ..............................
September .....................
December ......................

2.63
2.33
1.84
2.12

2.56
2.40
1.80
2.11

2.46
2.34
1.85
2.11

-7
+7
-4
-1

-17
+1
+1
-1

1999
March ............................
June ..............................
September .....................
December ......................

2.26
2.00
1.88
1.91

2.20
2.00
1.80
1.97

2.11
1.76
1.71
2.06

-6
0
-8
+6

-15
-24
-17
+15

2000
March ............................
June ..............................
September .....................
December ......................

2.20
1.69
1.61
2.11

2.21
1.65
1.65
2.04

2.16
1.62
1.83
2.00

+1
-4
+4
-7

-4
-7
+22
-11

2001
March ............................
June ..............................
September .....................
December ......................

1.93
1.78
1.86
1.97

1.86
1.79
1.82
2.00

2.00
1.89
1.84
2.01

-7
+1
-4
+3

+7
+11
-2
+4

2002
March ............................
June ..............................
September .....................
December ......................

2.03
2.22
2.50
2.33

2.00
2.20
2.40
2.24

1.98
2.26
2.47
2.22

-3
-2
-10
-9

-5
+4
-3
-11

2003
March ............................
June ..............................
September .....................
December ......................

2.30
2.35
2.13
2.43

2.38
2.30
2.08
2.56

2.40
2.29
2.10
2.61

+8
-5
-5
+13

+10
-6
-3
+18

See footnote(s) at end of table.

Price Reactions After USDA Crop Reports (March 2020)
USDA, National Agricultural Statistics Service

--continued

11

Corn Price Changes Following Grain Stocks Reports – United States: 1984-2019 (continued)
Price 1
Date

Price change 2

Prior
closing

Day after
report

Week after
report

Day after
report

Week after
report

(dollars per bushel)

(dollars per bushel)

(dollars per bushel)

(cents per bushel)

(cents per bushel)

2004
March .............................
June ...............................
September .....................
December ......................

3.06
2.68
1.70
1.96

3.11
2.58
1.68
1.91

3.19
2.51
1.75
1.88

+5
-10
-2
-5

+13
-17
+5
-8

2005
March .............................
June ...............................
September .....................
December ......................

2.07
2.04
1.58
1.98

2.04
2.01
1.61
1.97

1.97
2.21
1.57
1.97

-3
-3
+3
-1

-10
+17
-1
-1

2006
March .............................
June ...............................
September .....................
December ......................

2.13
2.09
2.36
3.54

2.14
2.11
2.26
3.67

2.23
2.18
2.33
3.86

+1
+2
-10
+13

+10
+9
-3
+32

2007
March .............................
June ...............................
September .....................
December ......................

3.65
3.25
3.46
4.37

3.48
3.11
3.30
4.49

3.42
3.18
2.93
4.68

-17
-14
-16
+12

-23
-7
-53
+31

2008
March .............................
June ...............................
September .....................
December ......................

5.14
6.97
4.56
3.77

5.23
6.63
4.29
3.49

5.61
6.46
3.65
3.56

+9
-34
-27
-28

+47
-51
-91
-21

2009
March .............................
June ...............................
September .....................
December ......................

3.73
3.78
3.27
3.78

3.91
3.51
3.25
3.48

3.95
3.41
3.39
3.26

+18
-27
-2
-30

+22
-37
+12
-52

2010
March .............................
June ...............................
September .....................
December ......................

3.34
3.19
4.70
5.86

3.35
3.43
4.58
6.10

3.37
3.52
4.50
6.37

+1
+24
-12
+24

+3
+33
-20
+51

2011
March .............................
June ...............................
September .....................
December ......................

6.32
6.87
6.10
6.36

6.77
6.43
5.70
5.96

7.45
6.38
5.89
5.81

+45
-44
-40
-40

+113
-49
-21
-55

2012
March .............................
June ...............................
September .....................
December ......................

5.97
6.61
6.84
7.01

6.40
6.79
7.20
7.05

6.58
7.62
7.31
7.22

+43
+18
+36
+4

+61
+101
+47
+21

See footnote(s) at end of table.

12

--continued

Price Reactions After USDA Crop Reports (March 2020)
USDA, National Agricultural Statistics Service

Corn Price Changes Following Grain Stocks Reports – United States: 1984-2019 (continued)
Price 1
Date

Price change 2

Prior
closing

Day after
report

Week after
report

Day after
report

Week after
report

(dollars per bushel)

(dollars per bushel)

(dollars per bushel)

(cents per bushel)

(cents per bushel)

2013
March ............................
June ..............................
September .....................
December ......................

7.49
7.00
(NA)
4.11

7.09
6.96
(NA)
4.31

6.53
6.67
(NA)
4.26

-40
-4
(NA)
+20

-96
-33
(NA)
+15

2014
March ............................
June ..............................
September .....................
December ......................

4.90
4.45
2.83
3.76

5.00
4.25
2.77
3.80

4.97
4.15
2.89
3.69

+10
-20
-6
+4

+7
-30
+6
-7

2015
March ............................
June ..............................
September .....................
December ......................

3.85
3.67
3.60
3.40

3.68
3.97
3.56
3.48

3.74
4.00
3.68
3.54

-17
+30
-4
+8

-11
+33
+8
+14

2016
March ............................
June ..............................
September .....................
December ......................

3.62
3.64
2.98
3.39

3.48
3.50
3.05
3.41

3.54
3.30
3.09
3.47

-14
-14
+7
+2

-8
-34
+11
+8

2017
March ............................
June ..............................
September .....................
December ......................

3.47
3.41
3.03
3.30

3.54
3.53
3.04
3.27

3.49
3.59
3.03
3.32

+7
+12
+1
-3

+2
+18
0
+2

2018
March ............................
June ..............................
September .....................
December ......................

3.35
3.27
3.25
3.51

3.45
3.28
3.14
3.46

3.39
3.26
3.27
3.47

+10
+1
-11
-5

+4
-1
+2
-4

2019
March ............................
June ..............................
September .....................
December ......................

3.47
4.12
3.44
3.62

3.35
3.93
3.57
3.65

3.40
4.11
3.53
3.60

-12
-19
+13
+3

-7
-1
+9
-2

(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.

Price Reactions After USDA Crop Reports (March 2020)
USDA, National Agricultural Statistics Service

13

Soybean Price Changes Following Crop Production Reports – United States: 1985-2019
Price 1
Date

Price change 2

Prior
closing

Day after
report

Week after
report

Day after
report

Week after
report

(dollars per bushel)

(dollars per bushel)

(dollars per bushel)

(cents per bushel)

(cents per bushel)

1985
August ...........................
September .....................
October ..........................
November ......................
Annual ...........................

(NA)
(NA)
(NA)
(NA)
(NA)

(NA)
(NA)
(NA)
(NA)
(NA)

(NA)
(NA)
(NA)
(NA)
(NA)

-4
+5
-3
-5
-1

-10
+2
+1
-30
-3

1986
August ...........................
September .....................
October ..........................
November ......................
Annual ...........................

(NA)
(NA)
(NA)
(NA)
(NA)

(NA)
(NA)
(NA)
(NA)
(NA)

(NA)
(NA)
(NA)
(NA)
(NA)

+3
+3
+2
-1
+1

0
-14
+1
-4
+1

1987
August ...........................
September .....................
October ..........................
November ......................
Annual ...........................

(NA)
(NA)
(NA)
(NA)
(NA)

(NA)
(NA)
(NA)
(NA)
(NA)

(NA)
(NA)
(NA)
(NA)
(NA)

+2
+3
-4
+2
+11

+3
+5
-3
+12
+6

1988
August ...........................
September .....................
October ..........................
November ......................
Annual ...........................

(NA)
(NA)
(NA)
(NA)
(NA)

(NA)
(NA)
(NA)
(NA)
(NA)

(NA)
(NA)
(NA)
(NA)
(NA)

-10
+3
-4
-26
-36

+33
+5
-3
-51
-63

1989
August ...........................
September .....................
October ..........................
November ......................
Annual ...........................

6.10
6.00
5.42
5.62
5.66

6.20
5.70
5.34
5.52
5.62

6.14
5.69
5.56
5.84
5.54

+10
-30
-8
-10
-4

+4
-31
+14
+22
-12

1990
August ...........................
September .....................
October ..........................
November ......................
Annual ...........................

6.13
6.33
6.15
5.84
5.55

6.23
6.25
6.12
5.74
5.57

6.26
6.09
6.00
5.68
5.76

+10
-8
-3
-10
+2

+13
-24
-15
-16
+21

1991
August ...........................
September .....................
October ..........................
November ......................
Annual ...........................

5.62
5.88
5.68
5.54
5.58

5.55
5.88
5.46
5.62
5.51

5.35
5.92
5.36
5.66
5.60

-7
0
-22
+8
-7

-27
+4
-32
+12
+2

1992
August ...........................
September .....................
October ..........................
November ......................
Annual ...........................

5.47
5.57
5.22
5.40
5.68

5.57
5.51
5.27
5.51
5.70

5.54
5.42
5.15
5.55
5.68

+10
-6
+5
+11
+2

+7
-15
-7
+15
0

1993
August ...........................
September .....................
October ..........................
November ......................
Annual ...........................

6.73
6.38
6.00
6.28
6.98

6.44
6.20
5.98
6.57
7.22

6.46
6.24
5.96
6.76
7.08

-29
-18
-2
+29
+24

-27
-14
-4
+48
+10

See footnote(s) at end of table.

14

--continued

Price Reactions After USDA Crop Reports (March 2020)
USDA, National Agricultural Statistics Service

Soybeans Price Changes Following Crop Production Reports – United States: 1985-2019 (continued)
Price 1
Date

Price change 2

Prior
closing

Day after
report

Week after
report

Day after
report

Week after
report

(dollars per bushel)

(dollars per bushel)

(dollars per bushel)

(cents per bushel)

(cents per bushel)

1994
August ...........................
September .....................
October .........................
November ......................
Annual ...........................

5.70
5.65
5.08
5.51
5.59

5.71
5.68
5.16
5.56
5.56

5.69
5.36
5.20
5.63
5.51

+1
+3
+8
+5
-3

-1
-29
+12
+12
-8

1995
August ...........................
September .....................
October .........................
November ......................
Annual ...........................

5.83
6.11
6.32
6.76
7.41

5.74
6.12
6.39
6.70
7.31

5.84
6.36
6.27
6.66
7.39

-9
+1
+7
-6
-10

+1
+25
-5
-10
-2

1996
August ...........................
September .....................
October .........................
November ......................
Annual ...........................

7.95
8.19
7.27
6.88
6.94

8.16
8.17
6.94
6.94
7.20

8.10
7.99
6.81
7.05
7.39

+21
-2
-33
+6
+26

+15
-20
-46
+17
+45

1997
August ...........................
September .....................
October .........................
November ......................
Annual ...........................

7.15
6.96
6.67
7.34
6.54

7.35
6.89
6.88
7.20
6.63

7.34
6.61
6.89
7.23
6.67

+20
-7
+21
-14
+9

+19
-35
+22
-11
+13

1998
August ...........................
September .....................
October .........................
November ......................
Annual ...........................

5.58
5.19
5.19
5.60
5.34

5.53
5.19
5.40
5.74
5.24

5.59
5.13
5.28
5.66
5.15

-5
0
+21
+14
-10

+1
-6
+9
+6
-19

1999
August ...........................
September .....................
October .........................
November ......................
Annual ...........................

4.63
4.85
4.54
4.70
4.60

4.30
4.95
4.54
4.56
4.62

4.48
4.66
4.63
4.64
4.85

-33
+10
0
-14
+2

-15
-19
+9
-6
+25

2000
August ...........................
September .....................
October .........................
November ......................
Annual ...........................

4.49
4.86
4.59
4.65
4.79

4.54
4.84
4.56
4.60
4.66

4.58
4.49
4.53
4.71
4.55

+5
-2
-3
-5
-13

+9
-37
-6
+6
-24

2001
August ...........................
September .....................
October .........................
November ......................
Annual ...........................

5.13
4.76
4.43
4.34
4.20

5.19
4.68
4.27
4.38
4.30

5.01
4.73
4.26
4.43
4.39

+6
-8
-16
+4
+10

-12
-3
-17
+9
+19

2002
August ...........................
September .....................
October .........................
November ......................
Annual ...........................

5.56
5.89
5.14
5.63
5.66

5.79
5.78
5.18
5.57
5.42

5.92
5.72
5.41
5.64
5.38

+23
-11
+4
-6
-24

+36
-17
+27
+1
-28

See footnote(s) at end of table.

Price Reactions After USDA Crop Reports (March 2020)
USDA, National Agricultural Statistics Service

--continued

15

Soybeans Price Changes Following Crop Production Reports – United States: 1985-2019 (continued)
Price 1
Date

Price change 2

Prior
closing

Day after
report

Week after
report

Day after
report

Week after
report

(dollars per bushel)

(dollars per bushel)

(dollars per bushel)

(cents per bushel)

(cents per bushel)

2003
August ...........................
September .....................
October ..........................
November ......................
Annual ...........................

5.48
6.01
6.68
7.67
7.80

5.61
6.13
6.99
7.61
8.09

5.87
6.07
7.16
7.74
8.17

+13
+12
+31
-6
+29

+39
+6
+48
+7
+37

2004
August ...........................
September .....................
October ..........................
November ......................
Annual ...........................

5.55
5.69
5.16
5.12
5.37

5.92
5.54
4.93
5.20
5.26

5.97
5.36
5.03
5.58
5.07

+37
-15
-23
+8
-11

+42
-33
-13
+46
-30

2005
August ...........................
September .....................
October ..........................
November ......................
Annual ...........................

6.25
5.43
4.97
5.73
5.55

6.25
5.40
5.12
5.75
5.42

5.91
5.33
5.14
5.66
5.44

0
-3
+15
+2
-13

-34
-10
+17
-7
-11

2006
August ...........................
September .....................
October ..........................
November ......................
Annual ...........................

5.22
5.10
5.21
6.45
6.37

5.16
5.04
5.39
6.40
6.76

5.19
5.24
5.71
6.30
6.75

-6
-6
+18
-5
+39

-3
+14
+50
-15
+38

2007
August ...........................
September .....................
October ..........................
November ......................
Annual ...........................

7.96
8.30
9.14
9.99
11.88

7.87
8.48
9.01
10.12
12.15

7.39
8.88
9.33
10.35
11.96

-9
+18
-13
+13
+27

-57
+58
+19
+36
+8

2008
August ...........................
September .....................
October ..........................
November ......................
Annual ...........................

11.76
11.33
9.27
8.78
9.94

11.91
11.50
8.64
9.05
9.24

12.54
10.67
8.22
8.68
9.50

+15
+17
-63
+27
-70

+78
-66
-105
-10
-44

2009
August ...........................
September .....................
October ..........................
November ......................
Annual ...........................

11.87
9.42
9.46
9.23
9.72

11.93
9.18
9.66
9.14
9.43

10.07
9.59
9.85
9.80
9.08

+6
-24
+20
-9
-29

-180
+17
+39
+57
-64

2010
August ...........................
September .....................
October ..........................
November ......................
Annual ...........................

10.23
10.18
10.28
12.30
13.29

10.32
10.02
10.84
12.92
13.85

10.41
10.04
11.41
12.74
13.81

+9
-16
+56
+62
+56

+18
-14
+113
+44
+52

2011
August ...........................
September .....................
October ..........................
November ......................
Annual ...........................

12.90
13.65
12.02
11.67
11.77

13.18
13.31
12.10
11.53
11.58

13.50
12.85
12.36
11.78
11.62

+28
-34
+8
-14
-19

+60
-80
+34
+11
-15

See footnote(s) at end of table.

16

--continued

Price Reactions After USDA Crop Reports (March 2020)
USDA, National Agricultural Statistics Service

Soybeans Price Changes Following Crop Production Reports – United States: 1985-2019 (continued)
Price 1
Date

Price change 2

Prior
closing

Day after
report

Week after
report

Day after
report

Week after
report

(dollars per bushel)

(dollars per bushel)

(dollars per bushel)

(cents per bushel)

(cents per bushel)

2012
August ...........................
September .....................
October .........................
November ......................
Annual ...........................

16.62
16.78
15.11
14.82
13.80

16.74
17.22
15.37
13.97
13.71

16.63
16.13
14.97
13.97
14.29

+12
+44
+26
-85
-9

+1
-65
-14
-85
+49

2013
August ...........................
September .....................
October .........................
November ......................
Annual ...........................

12.97
13.93
(NA)
12.78
12.67

13.40
14.20
(NA)
13.06
12.72

13.52
13.43
(NA)
13.18
13.11

+43
+27
(NA)
+28
+5

+55
-50
(NA)
+40
+44

2014
August ...........................
September .....................
October .........................
November ......................
Annual ...........................

11.98
10.48
9.24
10.28
10.32

11.87
10.27
9.00
10.08
9.97

11.95
10.02
9.45
9.91
9.76

-11
-21
-25
-20
-35

-3
-46
+21
-37
-56

2015
August ...........................
September .....................
October .........................
November ......................
Annual ...........................

10.02
8.80
8.65
8.70
8.51

9.23
8.76
8.71
8.56
8.65

9.15
8.78
8.91
8.65
8.69

-79
-4
+6
-14
+14

-87
-2
+26
-5
+18

2016
August ...........................
September .....................
October .........................
November ......................
Annual ...........................

10.11
9.79
9.24
9.82
9.71

10.13
9.62
9.09
9.63
10.08

10.41
9.63
9.24
9.62
10.35

+2
-17
-15
-19
+37

+30
-16
0
-20
+64

2017
August ...........................
September .....................
October .........................
November ......................
Annual ...........................

9.64
9.38
9.24
9.57
9.12

9.29
9.28
9.51
9.44
9.22

9.19
9.34
9.41
9.45
9.36

-35
-10
+27
-13
+10

-45
-4
+17
-12
+24

2018
August ...........................
September .....................
October .........................
November ......................
Annual ...........................

8.31
7.38
7.82
8.27
8.49

7.94
7.48
7.84
8.33
8.48

8.36
7.16
8.12
8.44
8.38

-37
+10
+2
+6
-1

+5
-22
+30
+17
-11

2019
August ...........................
September .....................
October .........................
November ......................
Annual ...........................

8.27
8.09
8.79
9.18
9.12

8.14
8.37
8.79
9.11
9.14

8.25
8.30
8.93
8.98
8.93

-13
+28
0
-7
+2

-2
+21
+14
-20
-19

(NA) Not available.
1
Average prices paid at Southern Iowa points by processors as reported by AMS Grain Market News.
2
The price is indicated by the difference between the prior closing price and the price for the day or week after each report.

Price Reactions After USDA Crop Reports (March 2020)
USDA, National Agricultural Statistics Service

17

Soybean Price Changes Following Grain Stocks Reports – United States: 1984-2019
Price 1
Date

Price change 2

Prior
closing

Day after
report

Week after
report

Day after
report

Week after
report

(dollars per bushel)

(dollars per bushel)

(dollars per bushel)

(cents per bushel)

(cents per bushel)

1984
January ..........................
April ...............................
June ...............................
September .....................

(NA)
(NA)
(NA)
(NA)

(NA)
(NA)
(NA)
(NA)

(NA)
(NA)
(NA)
(NA)

+19
+11
-30
+6

+7
-17
-87
+15

1985
January ..........................
April ...............................
June ...............................
September .....................

(NA)
(NA)
(NA)
(NA)

(NA)
(NA)
(NA)
(NA)

(NA)
(NA)
(NA)
(NA)

-10
-6
-2
-4

-11
-17
-9
+1

(NA)
(NA)
(NA)
(NA)

(NA)
(NA)
(NA)
(NA)

(NA)
(NA)
(NA)
(NA)

-1
+15
-8
+2
+1

-3
-3
-7
-18
+1

1987
March .............................
June ...............................
September .....................
December ......................

(NA)
(NA)
(NA)
(NA)

(NA)
(NA)
(NA)
(NA)

(NA)
(NA)
(NA)
(NA)

+3
-1
+13
+11

+7
+14
+3
+6

1988
March .............................
June ...............................
September .....................
December ......................

(NA)
(NA)
(NA)
(NA)

(NA)
(NA)
(NA)
(NA)

(NA)
(NA)
(NA)
(NA)

+17
+5
+4
-36

+18
-35
-22
-63

1989
March .............................
June ...............................
September .....................
December ......................

(NA)
(NA)
5.58
5.66

(NA)
(NA)
5.58
5.62

(NA)
(NA)
5.63
5.54

-18
+11
0
-4

-23
+20
+5
-12

1990
March .............................
June ...............................
September .....................
December ......................

5.84
6.07
6.06
5.55

5.73
6.22
6.04
5.57

5.82
6.26
6.07
5.76

-11
+15
-2
+2

-2
+19
+1
+21

1991
March .............................
June ...............................
September .....................
December ......................

5.80
5.60
5.68
5.58

6.01
5.41
5.71
5.51

5.91
5.43
5.71
5.60

+21
-19
+3
-7

+11
-17
+3
+2

1992
March .............................
June ...............................
September .....................
December ......................

5.88
6.08
5.33
5.68

5.77
6.04
5.26
5.70

5.76
5.83
5.23
5.68

-11
-4
-7
+2

-12
-25
-10
0

1993
March .............................
June ...............................
September .....................
December ......................

5.84
6.50
6.08
6.98

5.88
6.56
5.98
7.22

5.93
7.02
5.93
7.08

+4
+6
-10
+24

+9
+52
-15
+10

1986
January ..........................
April ...............................
June ...............................
September .....................
December ......................

See footnote(s) at end of table.

18

--continued

Price Reactions After USDA Crop Reports (March 2020)
USDA, National Agricultural Statistics Service

Soybean Price Changes Following Grain Stocks Reports – United States: 1984-2019 (continued)
Price 1
Date

Price change 2

Prior
closing

Day after
report

Week after
report

Day after
report

Week after
report

(dollars per bushel)

(dollars per bushel)

(dollars per bushel)

(cents per bushel)

(cents per bushel)

1994
March ............................
June ..............................
September .....................
December ......................

6.83
6.56
5.27
5.59

6.54
6.55
5.24
5.56

6.58
6.13
5.14
5.51

-29
-1
-3
-3

-25
-43
-13
-8

1995
March ............................
June ..............................
September .....................
December ......................

5.68
5.79
6.27
7.41

5.69
5.70
6.28
7.31

5.77
6.09
6.17
7.39

+1
-9
+1
-10

+9
+30
-10
-2

1996
March ............................
June ..............................
September .....................
December ......................

7.35
7.55
7.86
6.94

7.46
7.73
7.51
7.20

7.57
7.75
7.19
7.39

+11
+18
-35
+26

+22
+20
-67
+45

1997
March ............................
June ..............................
September .....................
December ......................

8.47
7.99
6.26
6.54

8.46
7.62
6.20
6.63

8.31
7.20
6.38
6.67

-1
-37
-6
+9

-16
-79
+12
+13

1998
March ............................
June ..............................
September .....................
December ......................

6.48
6.12
5.10
5.34

6.44
6.30
4.93
5.24

6.36
6.29
5.00
5.15

-4
+18
-17
-10

-12
+17
-10
-19

1999
March ............................
June ..............................
September .....................
December ......................

4.83
4.38
4.66
4.60

4.68
4.41
4.61
4.62

4.64
4.02
4.56
4.85

-15
+3
-5
+2

-19
-36
-10
+25

2000
March ............................
June ..............................
September .....................
December ......................

5.19
4.89
4.68
4.79

5.23
4.81
4.58
4.66

5.14
4.71
4.66
4.55

+4
-8
-10
-13

-5
-18
-2
-24

2001
March ............................
June ..............................
September .....................
December ......................

4.28
4.60
4.44
4.20

4.19
4.80
4.32
4.30

4.32
4.90
4.39
4.39

-9
+20
-12
+10

+4
+30
-5
+19

2002
March ............................
June ..............................
September .....................
December ......................

4.69
5.24
5.64
5.66

4.71
5.37
5.40
5.42

4.56
5.67
5.32
5.38

+2
+13
-24
-24

-13
+43
-32
-28

2003
March ............................
June ..............................
September .....................
December ......................

5.80
6.30
6.69
7.80

5.74
6.21
6.62
8.09

5.91
6.19
6.66
8.17

-6
-9
-7
+29

+11
-11
-3
+37

See footnote(s) at end of table.

Price Reactions After USDA Crop Reports (March 2020)
USDA, National Agricultural Statistics Service

--continued

19

Soybean Price Changes Following Grain Stocks Reports – United States: 1984-2019 (continued)
Price 1
Date

Price change 2

Prior
closing

Day after
report

Week after
report

Day after
report

Week after
report

(dollars per bushel)

(dollars per bushel)

(dollars per bushel)

(cents per bushel)

(cents per bushel)

2004
March .............................
June ...............................
September .....................
December ......................

10.18
9.01
5.06
5.37

9.96
8.95
4.98
5.26

10.08
9.42
4.98
5.07

-22
-6
-8
-11

-10
+41
-8
-30

2005
March .............................
June ...............................
September .....................
December ......................

6.28
6.53
5.15
5.55

6.12
6.34
5.15
5.42

6.03
6.80
5.06
5.44

-16
-19
0
-13

-25
+27
-9
-11

2006
March .............................
June ...............................
September .....................
December ......................

5.63
5.52
5.19
6.37

5.43
5.60
5.04
6.76

5.39
5.75
5.21
6.75

-20
+8
-15
+39

-24
+23
+2
+38

2007
March .............................
June ...............................
September .....................
December ......................

7.37
7.56
9.40
11.88

7.21
7.92
9.19
12.15

7.20
7.92
8.75
11.96

-16
+36
-21
+27

-17
+36
-65
+8

2008
March .............................
June ...............................
September .....................
December ......................

11.80
15.37
10.38
9.94

11.02
15.50
9.76
9.24

12.24
15.27
8.61
9.50

-78
+13
-62
-70

+44
-10
-177
-44

2009
March .............................
June ...............................
September .....................
December ......................

9.02
12.23
9.22
9.72

9.49
12.25
9.27
9.43

9.90
12.02
9.21
9.08

+47
+2
+5
-29

+88
-21
-1
-64

2010
March .............................
June ...............................
September .....................
December ......................

9.55
9.48
10.68
13.29

9.22
9.46
10.71
13.85

9.24
9.55
10.23
13.81

-33
-2
+3
+56

-31
+7
-45
+52

2011
March .............................
June ...............................
September .....................
December ......................

13.36
13.26
11.68
11.77

13.73
12.99
11.21
11.58

13.49
13.24
11.15
11.62

+37
-27
-47
-19

+13
-2
-53
-15

2012
March .............................
June ...............................
September .....................
December ......................

13.51
14.77
15.37
13.80

13.98
15.21
15.64
13.71

14.30
16.29
15.27
14.29

+47
+44
+27
-9

+79
+152
-10
+49

See footnote(s) at end of table.

20

--continued

Price Reactions After USDA Crop Reports (March 2020)
USDA, National Agricultural Statistics Service

Soybean Price Changes Following Grain Stocks Reports – United States: 1984-2019 (continued)
Price 1
Date

Price change 2

Prior
closing

Day after
report

Week after
report

Day after
report

Week after
report

(dollars per bushel)

(dollars per bushel)

(dollars per bushel)

(cents per bushel)

(cents per bushel)

2013
March ............................
June ..............................
September .....................
December ......................

14.69
15.27
(NA)
12.67

14.25
15.82
(NA)
12.72

14.05
15.89
(NA)
13.11

-44
+55
(NA)
+5

-64
+62
(NA)
+44

2014
March ............................
June ..............................
September .....................
December ......................

14.31
14.38
8.78
10.32

14.60
14.04
8.56
9.97

14.66
13.65
9.05
9.76

+29
-34
-22
-35

+35
-73
+27
-56

2015
March ............................
June ..............................
September .....................
December ......................

9.67
10.04
8.66
8.51

9.73
10.58
8.77
8.65

9.71
10.27
8.69
8.69

+6
+54
+11
+14

+4
+23
+3
+18

2016
March ............................
June ..............................
September .....................
December ......................

8.93
11.36
9.11
9.71

8.89
11.66
9.18
10.08

8.89
11.00
9.30
10.35

-4
+30
+7
+37

-4
-36
+19
+64

2017
March ............................
June ..............................
September .....................
December ......................

9.36
9.00
8.93
9.12

9.17
9.28
8.88
9.22

9.13
9.61
9.09
9.36

-19
+28
-5
+10

-23
+61
+16
+24

2018
March ............................
June ..............................
September .....................
December ......................

9.56
8.36
7.70
8.49

9.82
8.36
7.59
8.48

9.54
8.16
7.81
8.38

+26
0
-11
-1

-2
-20
+11
-11

2019 ..............................
March ............................
June ..............................
September .....................
December ......................

8.26
8.50
8.28
9.12

8.25
8.64
8.51
9.14

8.45
8.58
8.70
8.93

-1
+14
+23
+2

+19
+8
+42
-19

(NA) Not available.
1
Average prices paid at Southern Iowa points by processors, except for March 2010 which used average prices paid at Northern Iowa points by
processors, 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.

Price Reactions After USDA Crop Reports (March 2020)
USDA, National Agricultural Statistics Service

21

Wheat Price Changes Following Crop Production Reports – United States: 1987-2019
Price 1
Date

Price change 2

Prior
closing

Day after
report

Week after
report

Day after
report

Week after
report

(dollars per bushel)

(dollars per bushel)

(dollars per bushel)

(cents per bushel)

(cents per bushel)

1987
May ................................
June ...............................
July ................................
August ...........................
September .....................
October ..........................
Annual ...........................

(NA)
(NA)
(NA)
2.59
2.84
2.84
3.22

(NA)
(NA)
(NA)
2.66
2.83
2.82
3.22

(NA)
(NA)
(NA)
2.69
2.81
2.90
3.18

-2
+4
-1
+7
-1
-2
0

-36
+6
-8
+10
-3
+6
-4

1988
May ................................
June ...............................
July ................................
August ...........................
September .....................
October ..........................
Annual ...........................

3.05
3.59
3.78
3.77
4.03
4.25
4.38

3.09
3.74
3.94
3.72
4.09
4.22
4.29

3.21
3.83
3.81
3.81
3.95
4.15
4.45

+4
+15
+16
-5
+6
-3
-9

+16
+24
+3
+4
-8
-10
+7

1989
May ................................
June ...............................
July ................................
August ...........................
September .....................
October ..........................
Annual ...........................

4.61
4.40
4.25
4.21
4.21
4.22
4.34

4.61
4.47
4.27
4.25
4.14
4.20
4.32

4.55
4.41
4.27
4.28
4.09
4.33
4.33

0
+7
+2
+4
-7
-2
-2

-6
+1
+2
+7
-12
+11
-1

1990
May ................................
June ...............................
July ................................
August ...........................
September .....................
October ..........................
Annual ...........................

3.89
3.81
3.08
2.98
2.86
2.80
2.69

3.78
3.77
3.11
2.93
2.82
2.77
2.65

3.76
3.43
3.05
2.92
2.78
2.74
2.69

-11
-4
+3
-5
-4
-3
-4

-13
-38
-3
-6
-8
-6
0

1991
May ................................
June ...............................
July ................................
August ...........................
September .....................
October ..........................
Annual ...........................

3.00
3.00
2.80
3.07
3.29
3.50
4.23

3.04
3.03
2.86
3.10
3.30
3.56
4.26

3.02
2.97
2.85
2.94
3.36
3.60
4.38

+4
+3
+6
+3
+1
+6
+3

+2
-3
+5
-13
+7
+10
+15

1992
May ................................
June ...............................
July ................................
August ...........................
September .....................
October ..........................
Annual ...........................

3.93
4.22
3.49
3.16
3.51
3.53
3.84

3.92
4.12
3.48
3.19
3.45
3.49
3.91

3.84
3.74
3.52
3.21
3.57
3.62
4.09

-1
-10
-1
+3
-6
-4
+7

-9
-48
+3
+5
+6
+9
+25

1993
May ................................
June ...............................
July ................................
August ...........................
September .....................
October ..........................
Annual ...........................

3.48
3.48
3.12
3.20
3.22
3.34
3.92

3.65
3.48
3.07
3.14
3.19
3.34
3.94

3.52
3.16
3.23
3.24
3.25
3.38
3.77

+17
0
-5
-6
-3
0
+2

+4
-32
+11
+4
+3
+4
-15

See footnote(s) at end of table.

22

--continued

Price Reactions After USDA Crop Reports (March 2020)
USDA, National Agricultural Statistics Service

Wheat Price Changes Following Crop Production Reports – United States: 1987-2019 (continued)
Price 1
Date

Price change 2

Prior
closing

Day after
report

Week after
report

Day after
report

Week after
report

(dollars per bushel)

(dollars per bushel)

(dollars per bushel)

(cents per bushel)

(cents per bushel)

1994
May ........................
June .......................
July .........................
August ....................
Annual ....................

3.61
3.68
3.38
3.55
4.00

3.58
3.66
3.43
3.58
3.98

3.54
3.69
3.46
3.70
4.16

-3
-2
+5
+3
-2

-7
+1
+8
+15
+16

1995
May ........................
June .......................
July .........................
August ....................
Annual ....................

4.07
4.36
4.59
4.61
4.98

4.10
4.31
4.65
4.70
5.05

4.07
4.42
4.88
4.54
5.01

+3
-5
+6
+9
+7

0
+6
+29
-7
+3

1996
May ........................
June .......................
July .........................
August ....................
Annual ....................

7.23
6.27
5.64
5.02
4.77

7.44
6.16
5.56
5.13
4.75

7.03
6.03
5.33
4.92
4.67

+21
-11
-8
+11
-2

-20
-24
-31
-10
-10

1997
May ........................
June .......................
July .........................
August ....................
Annual ....................

4.56
4.28
3.34
3.76
3.63

4.48
4.17
3.36
3.74
3.59

4.64
3.92
3.43
3.69
3.61

-8
-11
+2
-2
-4

+8
-36
+9
-7
-2

1998
May ........................
June .......................
July .........................
August ....................
Annual ....................

3.21
2.98
2.95
2.72
2.88

3.23
3.00
2.93
2.68
2.83

3.25
3.06
2.88
2.66
2.94

+2
+2
-2
-4
-5

+4
+8
-7
-6
+6

1999
May ........................
June .......................
July .........................
August ....................
Annual ....................

2.76
2.85
2.40
2.65
2.81

2.84
2.79
2.39
2.57
2.71

2.78
2.69
2.38
2.67
2.62

+8
-6
-1
-8
-10

+2
-16
-2
+2
-19

2000
May ........................
June .......................
July .........................
August ....................
Annual ....................

2.78
2.74
2.94
2.64
3.18

2.80
2.76
2.93
2.65
3.27

2.69
2.73
2.79
2.72
3.27

+2
+2
-1
+1
+9

-9
-1
-15
+8
+9

2001
May ........................
June .......................
July .........................
August ....................
Annual ....................

3.34
3.27
3.01
3.03
3.12

3.42
3.29
3.03
3.03
3.10

3.50
3.24
3.16
3.03
3.04

+8
+2
+2
0
-2

+16
-3
+15
0
-8

2002
May ........................
June .......................
July .........................
August ....................
Annual ....................

3.10
3.40
3.83
4.15
5.08

3.08
3.48
3.83
4.23
5.12

3.11
3.54
3.93
4.22
5.05

-2
+8
0
+8
+4

+1
+14
+10
+7
-3

See footnote(s) at end of table.

Price Reactions After USDA Crop Reports (March 2020)
USDA, National Agricultural Statistics Service

--continued

23

Wheat Price Changes Following Crop Production Reports – United States: 1987-2019 (continued)
Price 1
Date

Price change 2

Prior
closing

Day after
report

Week after
report

Day after
report

Week after
report

(dollars per bushel)

(dollars per bushel)

(dollars per bushel)

(cents per bushel)

(cents per bushel)

2003
May .........................
June ........................
July .........................
August ....................
Annual ....................

3.81
3.89
2.99
3.62
3.66

3.91
3.84
3.02
3.70
3.70

3.95
3.36
3.16
3.97
3.57

+10
-5
+3
+8
+4

+14
-53
+17
+35
-9

2004
May .........................
June ........................
July .........................
August ....................
Annual ....................

4.14
4.01
3.84
3.53
3.90

4.08
3.94
3.89
3.47
3.79

4.03
3.92
3.95
3.48
3.73

-6
-7
+5
-6
-11

-11
-9
+11
-5
-17

2005
May .........................
June ........................
July .........................
August ....................
Annual ....................

3.57
3.62
3.73
3.81
4.38

3.54
3.62
3.71
3.84
4.48

3.60
3.71
3.88
3.90
4.50

-3
0
-2
+3
+10

+3
+9
+15
+9
+12

2006
May .........................
June ........................
July .........................
August ....................
Annual ....................

4.96
5.08
5.42
4.85
5.21

5.05
5.03
5.34
4.76
5.21

5.30
4.88
5.05
4.72
5.30

+9
-5
-8
-9
0

+34
-20
-37
-13
+9

2007
May .........................
June ........................
July .........................
August ....................
Annual ....................

5.37
5.80
6.07
6.55
9.00

5.42
6.10
6.11
6.50
9.07

5.44
6.51
6.01
6.48
8.88

+5
+30
+4
-5
+7

+7
+71
-6
-7
-12

2008
May .........................
June ........................
July .........................
August ....................
Annual ....................

9.13
8.46
8.54
8.08
6.70

8.96
8.67
8.70
8.10
6.77

8.72
9.26
8.39
8.73
5.93

-17
+21
+16
+2
+7

-41
+80
-15
+65
-77

2009
May .........................
June ........................
July .........................
August ....................
Annual ....................

6.30
6.73
5.28
4.90
4.24

6.34
6.55
5.24
4.94
4.37

6.40
6.30
5.37
4.74
4.41

+4
-18
-4
+4
+13

+10
-43
+9
-16
+17

2010
May .........................
June ........................
July .........................
August ....................
Annual ....................

4.53
3.98
5.02
6.40
6.37

4.55
4.03
4.93
6.60
6.28

4.40
4.30
5.21
6.40
6.48

+2
+5
-9
+20
-9

-13
+32
+19
0
+11

2011
May .........................
June ........................
July .........................
August ....................
Annual ....................

9.26
8.85
7.41
7.92
7.57

8.97
8.71
7.63
8.23
7.21

8.88
8.19
7.91
8.42
7.15

-29
-14
+22
+31
-36

-38
-66
+50
+50
-42

See footnote(s) at end of table.

24

--continued

Price Reactions After USDA Crop Reports (March 2020)
USDA, National Agricultural Statistics Service

Wheat Price Changes Following Crop Production Reports – United States: 1987-2019 (continued)
Price 1
Date

Price change 2

Prior
closing

Day after
report

Week after
report

Day after
report

Week after
report

(dollars per bushel)

(dollars per bushel)

(dollars per bushel)

(cents per bushel)

(cents per bushel)

2012
May ........................
June .......................
July .........................
August ....................
Annual ....................

6.64
7.10
8.26
9.40
9.03

6.63
7.04
8.35
9.18
9.53

7.02
7.19
8.97
9.08
9.12

-1
-6
+9
-22
+50

+38
+9
+71
-32
+9

2013
May ........................
June .......................
July .........................
August ....................
Annual ....................

8.50
8.05
7.84
7.67
(NA)

8.30
7.92
7.84
7.70
(NA)

8.15
7.94
7.78
7.83
(NA)

-20
-13
0
+3
(NA)

-35
-11
-6
+16
(NA)

2014
May ........................
June .......................
July .........................
August ....................
Annual ....................

9.48
8.11
7.57
7.14
6.87

9.33
7.94
7.46
7.03
6.78

8.84
8.23
7.59
7.08
7.11

-15
-17
-11
-11
-9

-64
+12
+2
-6
+24

2015
May ........................
June .......................
July .........................
August ....................
Annual ....................

5.91
6.38
6.64
5.68
5.41

5.90
6.21
6.52
5.55
5.48

6.45
5.97
6.33
5.56
5.62

-1
-17
-12
-13
+7

+54
-41
-31
-12
+21

2016
May ........................
June .......................
July .........................
August ....................
Annual ....................

4.85
5.29
4.01
3.77
4.05

4.87
5.14
4.07
3.91
4.04

4.93
4.83
3.85
3.96
3.93

+2
-15
+6
+14
-1

+8
-46
-16
+19
-12

2017
May ........................
June .......................
July .........................
August ....................
Annual ....................

4.34
4.49
5.64
4.71
4.63

4.34
4.46
5.51
4.55
4.53

4.20
4.66
5.10
4.26
4.44

0
-3
-13
-16
-10

-14
+17
-54
-45
-19

2018
May ........................
June .......................
July .........................
August ....................
Annual ....................

6.13
6.30
5.51
6.64
5.82

6.08
6.50
5.58
6.45
5.76

6.01
5.96
5.73
6.48
5.87

-5
+20
+7
-19
-6

-12
-34
+22
-16
+5

2019
May ........................
June .......................
July .........................
August ....................
Annual ....................

5.13
5.78
5.34
5.12
4.88

5.02
5.82
5.53
4.87
4.95

5.27
5.76
5.27
4.96
4.84

-11
+4
+19
-25
+7

+14
-2
-7
-16
-4

(NA) Not available.
1
Closing cash price for Kansas City #1 hard winter wheat (ordinary protein) 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.

Price Reactions After USDA Crop Reports (March 2020)
USDA, National Agricultural Statistics Service

25

Wheat Price Changes Following Grain Stocks Reports – United States: 1984-2019
Price 1
Date

Price change 2

Prior
closing

Day after
report

Week after
report

Day after
report

Week after
report

(dollars per bushel)

(dollars per bushel)

(dollars per bushel)

(cents per bushel)

(cents per bushel)

1984
January ..........................
April ...............................
June ...............................
October ..........................

(NA)
(NA)
(NA)
(NA)

(NA)
(NA)
(NA)
(NA)

(NA)
(NA)
(NA)
(NA)

0
-3
-2
+2

-4
-8
-8
-2

1985
January ..........................
April ...............................
June ...............................
October ..........................

(NA)
(NA)
(NA)
(NA)

(NA)
(NA)
(NA)
(NA)

(NA)
(NA)
(NA)
(NA)

+1
0
0
-1

-6
-8
-5
0

1986
January ..........................
April ...............................
June ...............................
September .....................
December ......................

(NA)
(NA)
(NA)
(NA)
(NA)

(NA)
(NA)
(NA)
(NA)
(NA)

(NA)
(NA)
(NA)
(NA)
(NA)

+3
+13
-2
0
+1

+9
-18
-7
-6
+3

1987
March .............................
June ...............................
September .....................
December ......................

(NA)
(NA)
2.73
3.22

(NA)
(NA)
2.79
3.22

(NA)
(NA)
2.78
3.18

-2
+1
+6
0

+3
+8
+5
-4

1988
March .............................
June ...............................
September .....................
December ......................

3.08
3.85
4.04
4.38

3.06
3.97
4.09
4.29

3.13
3.82
4.22
4.45

-2
+12
+5
-9

+5
-3
+18
+7

1989
March .............................
June ...............................
September .....................
December ......................

4.41
4.36
4.15
4.34

4.40
4.31
4.21
4.32

4.30
4.37
4.24
4.33

-1
-5
+6
-2

-11
+1
+9
-1

1990
March .............................
June ...............................
September .....................
December ......................

4.03
3.32
2.83
2.69

4.05
3.26
2.86
2.65

4.08
3.24
2.85
2.69

+2
-6
+3
-4

+5
-8
+2
0

1991
March .............................
June ...............................
September .....................
December ......................

2.97
2.88
3.39
4.23

3.03
2.91
3.45
4.26

2.97
2.82
3.52
4.38

+6
+3
+6
+3

0
-6
+13
+15

1992
March .............................
June ...............................
September .....................
December ......................

4.32
3.69
3.67
3.84

4.19
3.65
3.68
3.91

4.12
3.56
3.57
4.09

-13
-4
+1
+7

-20
-13
-10
+25

1993
March .............................
June ...............................
September .....................
December ......................

3.74
2.97
3.26
3.92

3.75
3.03
3.24
3.94

3.65
3.18
3.31
3.77

+1
+6
-2
+2

-9
+21
+5
-15

See footnote(s) at end of table.

26

--continued

Price Reactions After USDA Crop Reports (March 2020)
USDA, National Agricultural Statistics Service

Wheat Price Changes Following Grain Stocks Reports – United States: 1984-2019 (continued)
Price 1
Date

Price change 2

Prior
closing

Day after
report

Week after
report

Day after
report

Week after
report

(dollars per bushel)

(dollars per bushel)

(dollars per bushel)

(cents per bushel)

(cents per bushel)

1994
March ............................
June ..............................
September .....................
December ......................

3.45
3.39
4.00
4.03

3.48
3.40
3.98
4.02

3.56
3.35
4.16
3.97

+3
+1
-2
-1

+11
-4
+16
-6

1995
March ............................
June ..............................
September .....................
December ......................

3.78
5.11
4.98
5.25

3.75
5.08
5.05
5.19

3.73
4.82
5.01
5.13

-3
-3
+7
-6

-5
-29
+3
-12

1996
March ............................
June ..............................
September .....................
December ......................

5.59
5.72
4.77
4.51

5.68
5.63
4.75
4.52

5.88
5.46
4.67
4.57

+9
-9
-2
+1

+29
-26
-10
+6

1997
March ............................
June ..............................
September .....................
December ......................

4.59
3.48
3.63
3.42

4.53
3.39
3.59
3.53

4.32
3.34
3.61
3.54

-6
-9
-4
+11

-27
-14
-2
+12

1998
March ............................
June ..............................
September .....................
December ......................

3.42
2.97
2.88
3.20

3.38
3.03
2.83
3.16

3.26
2.97
2.94
3.05

-4
+6
-5
-4

-16
0
+6
-15

1999
March ............................
June ..............................
September .....................
December ......................

3.09
2.67
2.81
2.64

2.97
2.63
2.71
2.66

2.97
2.46
2.62
2.70

-12
-4
-10
+2

-12
-21
-19
+6

2000
March ............................
June ..............................
September .....................
December ......................

2.64
2.98
3.18
3.50

2.71
2.89
3.27
3.52

2.65
2.78
3.27
3.43

+7
-9
+9
+2

+1
-20
+9
-7

2001
March ............................
June ..............................
September .....................
December ......................

3.25
3.03
3.12
3.20

3.18
3.06
3.10
3.23

3.25
3.06
3.04
3.26

-7
+3
-2
+3

0
+3
-8
+6

2002
March ............................
June ..............................
September .....................
December ......................

3.22
3.63
5.08
4.15

3.19
3.59
5.12
3.96

3.29
3.74
5.05
3.93

-3
-4
+4
-19

+7
+11
-3
-22

2003
March ............................
June ..............................
September .....................
December ......................

3.68
3.12
3.66
4.20

3.78
3.06
3.70
4.38

3.78
2.98
3.57
4.30

+10
-6
+4
+18

+10
-14
-9
+10

See footnote(s) at end of table.

Price Reactions After USDA Crop Reports (March 2020)
USDA, National Agricultural Statistics Service

--continued

27

Wheat Price Changes Following Grain Stocks Reports – United States: 1984-2019 (continued)
Price 1
Date

Price change 2

Prior
closing

Day after
report

Week after
report

Day after
report

Week after
report

(dollars per bushel)

(dollars per bushel)

(dollars per bushel)

(cents per bushel)

(cents per bushel)

2004
March .............................
June ...............................
September .....................
December ......................

4.46
3.81
3.90
4.05

4.40
3.79
3.79
4.07

4.44
3.83
3.73
4.02

-6
-2
-11
+2

-2
+2
-17
-3

2005
March .............................
June ...............................
September .....................
December ......................

3.72
3.73
4.38
4.34

3.71
3.60
4.48
4.42

3.58
3.75
4.50
4.27

-1
-13
+10
+8

-14
+2
+12
-7

2006
March .............................
June ...............................
September .....................
December ......................

4.46
5.28
5.21
5.06

4.54
5.29
5.21
5.30

4.63
5.36
5.30
5.20

+8
+1
0
+24

+17
+8
+9
+14

2007
March .............................
June ...............................
September .....................
December ......................

5.22
6.17
9.00
8.99

5.07
6.05
9.07
9.29

5.19
6.09
8.88
10.00

-15
-12
+7
+30

-3
-8
-12
+101

2008
March .............................
June ...............................
September .....................
December ......................

10.52
9.20
6.70
6.71

9.95
8.91
6.77
6.15

10.64
8.55
5.93
6.29

-57
-29
+7
-56

+12
-65
-77
-42

2009
March .............................
June ...............................
September .....................
December ......................

5.72
5.80
4.24
5.35

5.90
5.55
4.37
5.03

6.20
5.27
4.41
4.75

+18
-25
+13
-32

+48
-53
+17
-60

2010
March .............................
June ...............................
September .....................
December ......................

4.52
4.13
6.37
7.86

4.34
4.45
6.28
8.00

4.54
4.71
6.48
8.25

-18
+32
-9
+14

+2
+58
+11
+39

2011
March .............................
June ...............................
September .....................
December ......................

8.14
7.85
7.57
7.62

8.60
7.28
7.21
7.33

8.92
7.68
7.15
7.18

+46
-57
-36
-29

+78
-17
-42
-44

2012
March .............................
June ...............................
September .....................
December ......................

6.89
7.70
9.03
8.62

7.32
7.60
9.53
8.72

6.97
8.47
9.12
9.02

+43
-10
+50
+10

+8
+77
+9
+40

See footnote(s) at end of table.

28

--continued

Price Reactions After USDA Crop Reports (March 2020)
USDA, National Agricultural Statistics Service

Wheat Price Changes Following Grain Stocks Reports – United States: 1984-2019 (continued)
Price 1
Date

Price change 2

Prior
closing

Day after
report

Week after
report

Day after
report

Week after
report

(dollars per bushel)

(dollars per bushel)

(dollars per bushel)

(cents per bushel)

(cents per bushel)

2013
March ............................
June ..............................
September .....................
December ......................

8.34
7.77
(NA)
7.44

7.87
7.67
(NA)
7.31

8.00
7.70
(NA)
7.35

-47
-10
(NA)
-13

-34
-7
(NA)
-9

2014
March ............................
June ..............................
September .....................
December ......................

8.89
8.37
6.87
6.86

8.89
8.15
6.78
6.76

8.49
8.07
7.11
6.69

0
-22
-9
-10

-40
-30
+24
-17

2015
March ............................
June ..............................
September .....................
December ......................

6.71
6.68
5.41
5.33

6.54
6.96
5.48
5.51

6.67
6.78
5.62
5.44

-17
+28
+7
+18

-4
+10
+21
+11

2016
March ............................
June ..............................
September .....................
December ......................

5.09
4.30
4.05
4.34

5.19
4.14
4.04
4.55

5.04
3.99
3.93
4.62

+10
-16
-1
+21

-5
-31
-12
+28

2017
March ............................
June ..............................
September .....................
December ......................

4.07
4.84
4.63
5.25

4.10
5.14
4.53
5.11

4.03
5.54
4.44
5.24

+3
+30
-10
-14

-4
+70
-19
-1

2018
March ............................
June ..............................
September .....................
December ......................

5.31
5.49
5.82
6.06

5.37
5.66
5.76
6.04

5.56
5.80
5.87
5.92

+6
+17
-6
-2

+25
+31
+5
-14

2019
March ............................
June ..............................
September .....................
December ......................

5.61
5.74
4.88
5.80

5.57
5.54
4.95
5.80

5.66
5.36
4.84
5.70

-4
-20
+7
0

+5
-38
-4
-10

(NA) Not available.
1
Closing cash price for Kansas City #1 hard winter wheat (ordinary protein) 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.

Price Reactions After USDA Crop Reports (March 2020)
USDA, National Agricultural Statistics Service

29

Upland Cotton Price Changes Following Crop Production Reports – United States: 1989-2019
Price 1
Date

Price change 2

Prior
closing

Day after
report

Week after
report

Day after
report

Week after
report

(cents per pound)

(cents per pound)

(cents per pound)

(points per pound)

(points per pound)

1989
August ...........................
September .....................
October ..........................
November ......................
December ......................
Annual ...........................

70.23
67.41
69.71
70.78
62.99
62.18

70.04
68.84
70.29
68.15
63.71
62.21

68.81
69.44
68.34
68.21
62.84
62.43

-19
+143
+58
-263
+72
+3

-142
+203
-137
-257
-15
+25

1990
August ...........................
September .....................
October ..........................
November ......................
December ......................
Annual ...........................

78.86
70.79
70.28
69.55
70.42
69.80

79.93
70.44
70.52
69.12
69.79
69.68

72.68
71.39
70.22
69.64
69.76
70.84

+107
-35
+24
-43
-63
-12

-618
+60
-6
+9
-66
+104

1991
August ...........................
September .....................
October ..........................
November ......................
December ......................
Annual ...........................

66.46
62.48
58.39
54.41
54.00
52.36

64.46
62.21
58.76
53.76
54.14
50.91

65.69
61.35
58.03
55.14
54.18
51.29

-200
-27
+37
-65
+14
-145

-77
-113
-36
+73
+18
-107

1992
August ...........................
September .....................
October ..........................
November ......................
December ......................
Annual ...........................

57.57
54.07
50.40
49.55
52.86
53.91

56.59
55.09
49.61
49.11
52.50
54.02

56.69
56.29
50.69
50.22
51.33
54.46

-98
+102
-79
-44
-36
+11

-88
+222
+29
+67
-153
+55

1993
August ...........................
September .....................
October ..........................
November ......................
December ......................
Annual ...........................

52.70
53.25
55.58
53.61
59.62
65.18

51.48
54.69
54.66
54.55
59.10
64.91

52.44
53.96
53.76
55.74
60.09
66.89

-122
+144
-92
+94
-52
-27

-26
+71
-182
+213
+47
+171

1994
August ...........................
September .....................
October ..........................
November ......................
December ......................
Annual ...........................

71.50
73.46
66.86
71.06
81.14
87.19

71.23
73.23
67.14
70.25
81.07
88.56

68.13
71.06
67.80
72.50
82.31
88.84

-27
-23
+28
-81
-7
+137

-337
-240
+94
+144
+117
+165

1995
August ...........................
September .....................
October ..........................
November ......................
December ......................
Annual ...........................

80.69
87.61
86.06
83.33
84.51
81.21

81.86
89.04
84.74
82.52
83.39
80.66

85.75
92.99
81.68
85.75
81.75
79.64

+117
+143
-132
-81
-112
-55

+506
+538
-438
+242
-276
-157

1996
August ...........................
September .....................
October ..........................
November ......................
December ......................
Annual ...........................

73.61
73.96
73.71
68.87
72.30
70.15

76.29
76.07
71.57
68.00
72.61
69.69

75.41
74.32
70.95
70.48
71.99
70.54

+268
+211
-214
-87
+31
-46

+180
+36
-276
+161
-31
+39

See footnote(s) at end of table.

30

--continued

Price Reactions After USDA Crop Reports (March 2020)
USDA, National Agricultural Statistics Service

Upland Cotton Price Changes Following Crop Production Reports – United States:
1989-2019 (continued)
Price 1
Date

Price change 2

Prior
closing

Day after
report

Week after
report

Day after
report

Week after
report

(cents per pound)

(cents per pound)

(cents per pound)

(points per pound)

(points per pound)

1997
August ...........................
September .....................
October .........................
November ......................
December ......................
Annual ...........................

71.29
70.43
69.26
70.05
64.75
63.64

72.35
71.40
69.49
69.93
64.45
62.74

71.36
71.17
69.41
68.58
63.64
62.48

+106
+97
+23
-12
-30
-90

+7
+74
+15
-147
-111
-116

1998
August ...........................
September .....................
October .........................
November ......................
December ......................
Annual ...........................

69.99
71.39
71.18
67.89
61.10
56.21

71.39
71.79
69.52
67.39
60.08
56.06

72.84
71.47
66.64
64.14
59.32
56.24

+140
+40
-166
-50
-102
-15

+285
+8
-454
-375
-178
+3

1999
August ...........................
September .....................
October .........................
November ......................
December ......................
Annual ...........................

50.00
48.28
47.19
48.17
46.79
50.47

51.11
49.05
48.77
47.84
46.89
51.02

51.43
48.04
50.94
47.34
45.95
51.72

+111
+77
+158
-33
+10
+55

+143
-24
+375
-83
-84
+125

2000
August ...........................
September .....................
October .........................
November ......................
December ......................
Annual ...........................

57.97
61.82
61.11
62.86
62.98
56.09

58.88
60.45
61.61
61.97
61.10
56.49

59.68
60.24
58.98
61.76
60.57
57.19

+91
-137
+50
-89
-188
+40

+171
-158
-213
-110
-241
+110

2001
August ...........................
September .....................
October .........................
November ......................
December ......................
Annual ...........................

37.04
33.71
29.09
29.50
31.78
32.68

35.04
33.00
29.01
29.99
32.61
32.35

35.43
32.66
28.20
31.87
33.04
33.33

-200
-71
-8
+49
+83
-33

-161
-105
-89
+237
+126
+65

2002
August ...........................
September .....................
October .........................
November ......................
December ......................
Annual ...........................

38.64
38.08
38.49
44.91
44.87
48.11

39.74
36.88
37.89
44.16
46.52
48.46

39.04
38.00
39.17
45.51
46.29
48.91

+110
-120
-60
-75
+165
+35

+40
-8
+68
+60
+142
+80

2003
August ...........................
September .....................
October .........................
November ......................
December ......................
Annual ...........................

51.93
56.14
64.89
71.18
63.65
68.23

50.99
59.00
66.14
68.47
63.96
68.29

51.07
60.14
69.10
68.56
64.23
68.80

-94
+286
+125
-271
+31
+6

-86
+400
+421
-262
+58
+57

2004
August ...........................
September .....................
October .........................
November ......................
December ......................
Annual ...........................

43.16
49.36
44.09
42.16
41.40
43.29

41.19
48.07
42.35
42.81
40.94
43.60

45.25
45.44
44.48
43.40
42.11
43.40

-197
-129
-174
+65
-46
+31

+209
-392
+39
+124
+71
+11

See footnote(s) at end of table.

Price Reactions After USDA Crop Reports (March 2020)
USDA, National Agricultural Statistics Service

--continued

31

Upland Cotton Price Changes Following Crop Production Reports – United States:
1989-2019 (continued)
Price 1
Date

Price change 2

Prior
closing

Day after
report

Week after
report

Day after
report

Week after
report

(cents per pound)

(cents per pound)

(cents per pound)

(points per pound)

(points per pound)

2005
August ...........................
September .....................
October ..........................
November ......................
December ......................
Annual ...........................

44.49
47.39
51.41
48.22
49.11
51.52

44.31
47.07
52.25
47.89
49.09
51.60

44.19
45.81
52.09
48.61
49.36
51.19

-18
-32
+84
-33
-2
+8

-30
-158
+68
+39
+25
-33

2006
August ...........................
September .....................
October ..........................
November ......................
December ......................
Annual ...........................

49.63
46.00
44.34
46.01
48.02
49.42

48.67
46.74
44.66
46.24
49.14
49.96

48.11
47.84
44.34
46.76
50.11
49.88

-96
+74
+32
+23
+112
+54

-152
+184
0
+75
+209
+46

2007
August ...........................
September .....................
October ..........................
November ......................
December ......................
Annual ...........................

55.21
54.75
58.56
60.78
58.64
61.65

54.21
55.79
58.69
60.74
58.27
64.08

50.34
58.32
60.04
59.95
59.64
65.80

-100
+104
+13
-4
-37
+243

-487
+357
+148
-83
+100
+415

2008
August ...........................
September .....................
October ..........................
November ......................
December ......................
Annual ...........................

60.76
56.96
48.03
39.16
40.60
44.91

61.16
57.41
46.24
38.35
41.44
42.30

58.94
54.97
46.12
38.97
42.86
44.68

+40
+45
-179
-81
+84
-261

-182
-199
-191
-19
+226
-23

2009
August ...........................
September .....................
October ..........................
November ......................
December ......................
Annual ...........................

56.89
54.10
58.46
63.29
67.80
67.74

56.74
54.33
58.01
64.54
67.30
66.71

52.08
58.34
61.92
65.48
69.43
64.93

-15
+23
-45
+125
-50
-103

-481
+424
+346
+219
+163
-281

2010
August ...........................
September .....................
October ..........................
November ......................
December ......................
Annual ...........................

81.01
86.84
99.07
142.84
131.57
140.87

83.39
87.19
106.66
147.84
132.62
141.05

84.01
90.81
110.87
134.12
141.26
138.56

+238
+35
+759
+500
+105
+18

+300
+397
+1180
-872
+969
-231

2011
August ...........................
September .....................
October ..........................
November ......................
December ......................
Annual ...........................

99.76
107.36
99.51
94.80
89.25
90.26

96.42
107.66
96.26
94.38
87.66
89.06

106.66
105.84
97.02
99.26
83.06
90.66

-334
+30
-325
-42
-159
-120

+690
-152
-249
+446
-619
+40

2012
August ...........................
September .....................
October ..........................
November ......................
December ......................
Annual ...........................

71.42
70.24
66.93
65.11
69.11
70.86

68.71
68.84
65.54
63.41
70.46
71.01

68.12
70.84
72.97
69.54
71.43
73.13

-271
-140
-139
-170
+135
+15

-330
+60
+604
+443
+232
+227

See footnote(s) at end of table.

32

--continued

Price Reactions After USDA Crop Reports (March 2020)
USDA, National Agricultural Statistics Service

Upland Cotton Price Changes Following Crop Production Reports – United States:
1989-2019 (continued)
Price 1
Date

Price change 2

Prior
closing

Day after
report

Week after
report

Day after
report

Week after
report

(cents per pound)

(cents per pound)

(cents per pound)

(points per pound)

(points per pound)

2013
August ...........................
September .....................
October .........................
November ......................
December ......................
Annual ...........................

84.96
81.36
(NA)
74.33
77.15
79.40

85.97
82.41
(NA)
74.41
77.53
79.17

89.14
82.06
(NA)
73.87
80.09
82.46

+101
+105
(NA)
+8
+38
-23

+418
+70
(NA)
-46
+294
+306

2014
August ...........................
September .....................
October .........................
November ......................
December ......................
Annual ...........................

64.63
69.10
63.85
62.76
58.56
59.36

63.06
69.64
63.96
61.24
58.34
58.41

63.14
64.91
63.26
57.95
58.77
58.13

-157
+54
+11
-152
-22
-95

-149
-419
-59
-481
+21
-123

2015
August ...........................
September .....................
October .........................
November ......................
December ......................
Annual ...........................

59.36
60.54
60.09
60.43
63.06
60.43

62.46
61.42
59.94
60.45
63.40
60.49

64.45
60.21
61.67
61.04
61.97
60.29

+310
+88
-15
+2
+34
+6

+509
-33
+158
+61
-109
-14

2016
August ...........................
September .....................
October .........................
November ......................
December ......................
Annual ...........................

69.66
67.66
66.10
68.07
70.48
71.49

68.24
65.80
67.91
67.74
69.75
70.92

66.89
66.49
69.82
69.89
70.80
70.90

-142
-186
+181
-33
-73
-57

-277
-117
+372
+182
+32
-59

2017
August ...........................
September .....................
October .........................
November ......................
December ......................
Annual ...........................

68.41
72.35
67.06
67.13
70.96
79.96

69.12
71.79
66.14
66.78
70.90
78.91

65.52
68.16
65.84
67.33
73.07
79.56

+71
-56
-92
-35
-6
-105

-289
-419
-122
+20
+211
-40

2018
August ...........................
September .....................
October .........................
November ......................
December ......................
Annual ...........................

83.47
79.32
73.19
75.17
75.31
68.24

82.07
79.05
73.20
75.22
75.45
67.98

78.34
74.84
74.31
72.68
74.11
66.03

-140
-27
+1
+5
+14
-26

-513
-448
+112
-249
-120
-221

2019
August ...........................
September .....................
October .........................
November ......................
December ......................
Annual ...........................

53.87
55.66
59.23
61.49
60.88
66.23

52.85
58.54
58.56
61.65
61.43
66.85

55.40
57.93
61.68
61.16
62.54
65.76

-102
+288
-67
+16
+55
+62

+153
+227
+245
-33
+166
-47

(NA) Not available.
1
7-Market average base quotations for Upland cotton as reported by AMS Market News (the Upland cotton base quality is color 41, leaf grade 4,
staple 34).
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.

Price Reactions After USDA Crop Reports (March 2020)
USDA, National Agricultural Statistics Service

33

Information Contacts
Listed below are the commodity statisticians in the Crops Branch of the National Agricultural Statistics Service to contact
for additional information. E-mail inquiries may be sent to nass@usda.gov
Lance Honig, Chief, Crops Branch ....................................................................................................... (202) 720-2127
Chris Hawthorn, Head, Field Crops Section ......................................................................................... (202) 720-2127
David Colwell – Current Agricultural Industrial Reports ................................................................ (202) 720-8800
Chris Hawthorn – Corn, Flaxseed, Proso Millet .............................................................................. (202) 720-2127
James Johanson – County Estimates, Hay ....................................................................................... (202) 690-8533
Jeff Lemmons – Oats, Soybeans ...................................................................................................... (202) 690-3234
Irwin Anolik – Crop Weather........................................................................................................... (202) 720-7621
Chris Hawthorn – Peanuts, Rice....................................................................................................... (202) 720-2127
Jean Porter – Rye, Wheat ................................................................................................................. (202) 720-8068
Chris Singh – Cotton, Cotton Ginnings, Sorghum ........................................................................... (202) 720-5944
Travis Thorson – Barley, Sunflower, Other Oilseeds ...................................................................... (202) 720-7369

34

Price Reactions After USDA Crop Reports (March 2020)
USDA, National Agricultural Statistics Service

Access to NASS Reports
For your convenience, you may access NASS reports and products the following ways:
 All reports are available electronically, at no cost, on the NASS web site: www.nass.usda.gov
 Both national and state specific reports are available via a free e-mail subscription. To set-up this free
subscription, visit www.nass.usda.gov and click on “National” or “State” in upper right corner above “search”
box to create an account and select the reports you would like to receive.
For more information on NASS surveys and reports, call the NASS Agricultural Statistics Hotline at (800) 727-9540,
7:30 a.m. to 4:00 p.m. ET, or e-mail: nass@nass.usda.gov.

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employment on the basis of race, color, national origin, age, disability, sex, gender identity, religion, reprisal, and where
applicable, political beliefs, marital status, familial or parental status, sexual orientation, or all or part of an individual's
income is derived from any public assistance program, or protected genetic information in employment or in any program
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employment activities.)
If you wish to file a Civil Rights program complaint of discrimination, complete the USDA Program Discrimination
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at any USDA office, or call (866) 632-9992 to request the form. You may also write a letter containing all of the
information requested in the form. Send your completed complaint form or letter to us by mail at U.S. Department of
Agriculture, Director, Office of Adjudication, 1400 Independence Avenue, S.W., Washington, D.C. 20250-9410, by fax
(202) 690-7442 or email at program.intake@usda.gov.
File Type	application/pdf
File Title	Price Reactions After USDA Crop Reports 03/12/2020
Author	USDA, National Agricultural Statistics Service
File Modified	2020-03-12
File Created	2020-03-12