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Price Reactions After USDA Crop Reports 03/10/2023
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| File Title | Price Reactions After USDA Crop Reports 03/10/2023 |
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United States Department of Agriculture National Agricultural Statistics Service Price Reactions After USDA Crop Reports March 2023 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: 1985-2022.......................................................... 6 Corn Price Changes Following Grain Stocks Reports – United States: 1984-2022 ............................................................. 11 Soybean Price Changes Following Crop Production Reports – United States: 1985-2022 .................................................. 15 Soybean Price Changes Following Grain Stocks Reports – United States: 1984-2022........................................................ 20 Wheat Price Changes Following Crop Production Reports – United States: 1987-2022 ..................................................... 24 Wheat Price Changes Following Grain Stocks Reports – United States: 1984-2022 ........................................................... 29 Upland Cotton Price Changes Following Crop Production Reports – United States: 1989-2022 ........................................ 33 Information Contacts ............................................................................................................................................................ 38 Price Reactions After USDA Crop Reports (March 2023) 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 May, August, September, October, November, and December Crop Production reports, and the January Crop Production Annual Summary. The cotton estimates in the May Crop Production report represent the end-of-season estimates for the prior year. 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. Beginning with the 2011 data series in this report, the “annual” term for cotton refers to the May estimates. Prior to 2011, “annual” referenced the January Crop Production Annual Summary. 4 Price Reactions After USDA Crop Reports (March 2023) 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 (1985-2022) Price increases ...................................... No price change ..................................... Price decreases ..................................... Total ...................................................... 81 21 87 189 7.8 (X) -7.4 (X) 97 1 91 189 12.2 (X) -13.5 (X) Grain Stocks (1984-2022) Price increases ...................................... No price change ..................................... Price decreases ..................................... Total ...................................................... 74 8 74 156 9.5 (X) -10.1 (X) 78 6 72 156 15.7 (X) -16.6 (X) Soybeans Crop Production (1985-2022) Price increases ...................................... No price change ..................................... Price decreases ..................................... Total ...................................................... 96 5 88 189 16.3 (X) -16.1 (X) 96 3 90 189 24.7 (X) -25.9 (X) Grain Stocks (1984-2022) Price increases ...................................... No price change ..................................... Price decreases ..................................... Total ...................................................... 74 3 79 156 18.9 (X) -17.2 (X) 74 1 81 156 26.0 (X) -27.0 (X) Wheat Crop Production (1987-2022) Price increases ...................................... No price change ..................................... Price decreases ..................................... Total ...................................................... 89 11 93 193 9.2 (X) -8.4 (X) 95 4 94 193 16.5 (X) -20.1 (X) Grain Stocks (1984-2022) Price increases ...................................... No price change ..................................... Price decreases ..................................... Total ...................................................... 73 8 75 156 11.4 (X) -13.1 (X) 71 5 80 156 18.4 (X) -19.9 (X) Upland cotton Crop Production (1989-2022) Price increases ...................................... No price change ..................................... Price decreases ..................................... Total ...................................................... 102 0 112 214 98.0 (X) -101.6 (X) 116 1 97 214 196.8 (X) -213.1 (X) (X) Not applicable. 1 Cotton price changes displayed in points per pound. Price Reactions After USDA Crop Reports (March 2023) USDA, National Agricultural Statistics Service 5 Corn Price Changes Following Crop Production Reports – United States: 1985-2022 Price 1 Date Price change 2 Prior closing Day after report Week after report Day after report Week after report (cents per bushel) (cents per bushel) (dollars per bushel) (dollars per bushel) (dollars 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 2023) USDA, National Agricultural Statistics Service Corn Price Changes Following Crop Production Reports – United States: 1985-2022 (continued) Price 1 Date Price change 2 Prior closing Day after report Week after report Day after report Week after report (cents per bushel) (cents per bushel) (dollars per bushel) (dollars per bushel) (dollars 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 2023) USDA, National Agricultural Statistics Service --continued 7 Corn Price Changes Following Crop Production Reports – United States: 1985-2022 (continued) Price 1 Date Price change 2 Prior closing Day after report Week after report Day after report Week after report (cents per bushel) (cents per bushel) (dollars per bushel) (dollars per bushel) (dollars 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 2023) USDA, National Agricultural Statistics Service Corn Price Changes Following Crop Production Reports – United States: 1985-2022 (continued) Price 1 Date Price change 2 Prior closing Day after report Week after report Day after report Week after report (cents per bushel) (cents per bushel) (dollars per bushel) (dollars per bushel) (dollars 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 2020 August ........................... September ..................... October ......................... November ...................... Annual ........................... 3.04 3.46 3.71 3.76 4.82 3.08 3.52 3.75 3.90 5.07 3.21 3.58 3.82 3.90 5.22 +4 +6 +4 +14 +25 +17 +12 +11 +14 +40 See footnote(s) at end of table. Price Reactions After USDA Crop Reports (March 2023) USDA, National Agricultural Statistics Service --continued 9 Corn Price Changes Following Crop Production Reports – United States: 1985-2022 (continued) Price 1 Date Price change 2 Prior closing Day after report Week after report Day after report Week after report (cents per bushel) (cents per bushel) (dollars per bushel) (dollars per bushel) (dollars per bushel) 2021 August ........................... September ..................... October .......................... November ...................... Annual ........................... 6.19 4.94 5.12 5.26 5.82 6.26 4.94 5.04 5.26 5.80 5.95 5.12 5.15 5.50 5.78 +7 0 -8 0 -2 -24 +18 +3 +24 -4 2022 August ........................... September ..................... October .......................... November ...................... Annual ........................... 6.88 6.77 6.49 6.33 6.41 6.90 6.89 6.49 6.30 6.56 6.49 6.50 6.32 6.37 6.66 +2 +12 0 -3 +15 -39 -27 -17 +4 +25 (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. 10 Price Reactions After USDA Crop Reports (March 2023) USDA, National Agricultural Statistics Service Corn Price Changes Following Grain Stocks Reports – United States: 1984-2022 Price 1 Date Price change 2 Prior closing Day after report Week after report Day after report Week after report (cents per bushel) (cents per bushel) (dollars per bushel) (dollars per bushel) (dollars 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. Price Reactions After USDA Crop Reports (March 2023) USDA, National Agricultural Statistics Service --continued 11 Corn Price Changes Following Grain Stocks Reports – United States: 1984-2022 (continued) Price 1 Date Price change 2 Prior closing Day after report Week after report Day after report Week after report (cents per bushel) (cents per bushel) (dollars per bushel) (dollars per bushel) (dollars 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. 12 --continued Price Reactions After USDA Crop Reports (March 2023) USDA, National Agricultural Statistics Service Corn Price Changes Following Grain Stocks Reports – United States: 1984-2022 (continued) Price 1 Date Price change 2 Prior closing Day after report Week after report Day after report Week after report (cents per bushel) (cents per bushel) (dollars per bushel) (dollars per bushel) (dollars 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. Price Reactions After USDA Crop Reports (March 2023) USDA, National Agricultural Statistics Service --continued 13 Corn Price Changes Following Grain Stocks Reports – United States: 1984-2022 (continued) Price 1 Date Price change 2 Prior closing Day after report Week after report Day after report Week after report (cents per bushel) (cents per bushel) (dollars per bushel) (dollars per bushel) (dollars 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 2020 March ............................. June ............................... September ..................... December ...................... 3.28 3.29 3.53 4.83 3.28 3.40 3.67 5.07 3.24 3.45 3.71 5.22 0 +11 +14 +24 -4 +16 +18 +39 2021 March ............................. June ............................... September ..................... December ...................... 5.45 7.04 5.06 5.82 5.70 7.26 5.03 5.80 5.61 6.43 4.98 5.78 +25 +22 -3 -2 +16 -61 -8 -4 2022 March ............................. June ............................... September ..................... December ...................... 7.18 7.79 6.32 6.41 7.27 7.47 6.41 6.56 7.32 7.39 6.34 6.66 +9 -32 +9 +15 +14 -40 +2 +25 (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. 14 Price Reactions After USDA Crop Reports (March 2023) USDA, National Agricultural Statistics Service Soybean Price Changes Following Crop Production Reports – United States: 1985-2022 Price 1 Date Price change 2 Prior closing Day after report Week after report Day after report Week after report (cents per bushel) (cents per bushel) (dollars per bushel) (dollars per bushel) (dollars 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. Price Reactions After USDA Crop Reports (March 2023) USDA, National Agricultural Statistics Service --continued 15 Soybeans Price Changes Following Crop Production Reports – United States: 1985-2022 (continued) Price 1 Date Price change 2 Prior closing Day after report Week after report Day after report Week after report (cents per bushel) (cents per bushel) (dollars per bushel) (dollars per bushel) (dollars 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. 16 --continued Price Reactions After USDA Crop Reports (March 2023) USDA, National Agricultural Statistics Service Soybeans Price Changes Following Crop Production Reports – United States: 1985-2022 (continued) Price 1 Date Price change 2 Prior closing Day after report Week after report Day after report Week after report (cents per bushel) (cents per bushel) (dollars per bushel) (dollars per bushel) (dollars 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. Price Reactions After USDA Crop Reports (March 2023) USDA, National Agricultural Statistics Service --continued 17 Soybeans Price Changes Following Crop Production Reports – United States: 1985-2022 (continued) Price 1 Date Price change 2 Prior closing Day after report Week after report Day after report Week after report (cents per bushel) (cents per bushel) (dollars per bushel) (dollars per bushel) (dollars 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 8.99 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 2020 August ........................... September ..................... October .......................... November ...................... Annual ........................... 8.80 9.76 10.27 10.74 13.53 8.91 9.95 10.35 11.07 14.00 9.21 10.18 10.28 11.16 14.01 +11 +19 +8 +33 +47 +41 +42 +1 +42 +48 See footnote(s) at end of table. 18 --continued Price Reactions After USDA Crop Reports (March 2023) USDA, National Agricultural Statistics Service Soybeans Price Changes Following Crop Production Reports – United States: 1985-2022 (continued) Price 1 Date Price change 2 Prior closing Day after report Week after report Day after report Week after report (cents per bushel) (cents per bushel) (dollars per bushel) (dollars per bushel) (dollars per bushel) 2021 August ........................... September ..................... October ......................... November ...................... Annual ........................... 13.80 12.16 12.21 11.62 13.62 13.76 12.35 11.78 11.83 13.75 13.75 12.46 11.99 12.32 13.37 -4 +19 -43 +21 +13 -5 +30 -22 +70 -25 2022 August ........................... September ..................... October ......................... November ...................... Annual ........................... 16.20 14.69 13.04 14.19 14.72 16.03 15.46 13.14 14.35 14.97 15.53 14.56 12.96 14.39 15.07 -17 +77 +10 +16 +25 -67 -13 -8 +20 +35 (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 2023) USDA, National Agricultural Statistics Service 19 Soybean Price Changes Following Grain Stocks Reports – United States: 1984-2022 Price 1 Date Price change 2 Prior closing Day after report Week after report Day after report Week after report (cents per bushel) (cents per bushel) (dollars per bushel) (dollars per bushel) (dollars 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 1986 January .......................... April ............................... June ............................... September ..................... December ...................... (NA) (NA) (NA) (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 See footnote(s) at end of table. 20 --continued Price Reactions After USDA Crop Reports (March 2023) USDA, National Agricultural Statistics Service Soybean Price Changes Following Grain Stocks Reports – United States: 1984-2022 (continued) Price 1 Date Price change 2 Prior closing Day after report Week after report Day after report Week after report (cents per bushel) (cents per bushel) (dollars per bushel) (dollars per bushel) (dollars 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 2023) USDA, National Agricultural Statistics Service --continued 21 Soybean Price Changes Following Grain Stocks Reports – United States: 1984-2022 (continued) Price 1 Date Price change 2 Prior closing Day after report Week after report Day after report Week after report (cents per bushel) (cents per bushel) (dollars per bushel) (dollars per bushel) (dollars 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. 22 --continued Price Reactions After USDA Crop Reports (March 2023) USDA, National Agricultural Statistics Service Soybean Price Changes Following Grain Stocks Reports – United States: 1984-2022 (continued) Price 1 Date Price change 2 Prior closing Day after report Week after report Day after report Week after report (cents per bushel) (cents per bushel) (dollars per bushel) (dollars per bushel) (dollars 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 2020 March ............................ June .............................. September ..................... December ...................... 8.44 8.72 9.80 13.53 8.49 8.88 10.10 14.00 8.45 9.04 10.29 14.01 +5 +16 +30 +47 +1 +32 +49 +48 2021 March ............................ June .............................. September ..................... December ...................... 13.58 13.54 12.23 13.62 14.30 14.44 11.95 13.75 14.10 13.60 12.05 13.37 +72 +90 -28 +13 +52 +6 -18 -25 2022 March ............................ June .............................. September ..................... December ...................... 16.52 16.74 13.75 14.72 16.02 16.72 13.14 14.97 16.00 15.61 12.91 15.07 -50 -2 -61 +25 -52 -113 -84 +35 (NA) Not available. 1 Average prices paid at Southern Iowa points by processors, except for March 2010 and March 2020 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 2023) USDA, National Agricultural Statistics Service 23 Wheat Price Changes Following Crop Production Reports – United States: 1987-2022 Price 1 Date Price change 2 Prior closing Day after report Week after report Day after report Week after report (cents per bushel) (cents per bushel) (dollars per bushel) (dollars per bushel) (dollars 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. 24 --continued Price Reactions After USDA Crop Reports (March 2023) USDA, National Agricultural Statistics Service Wheat Price Changes Following Crop Production Reports – United States: 1987-2022 (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 2023) USDA, National Agricultural Statistics Service --continued 25 Wheat Price Changes Following Crop Production Reports – United States: 1987-2022 (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. 26 --continued Price Reactions After USDA Crop Reports (March 2023) USDA, National Agricultural Statistics Service Wheat Price Changes Following Crop Production Reports – United States: 1987-2022 (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 2020 May ........................ June ....................... July ......................... August .................... Annual .................... 5.51 5.34 5.42 5.07 5.66 5.59 5.34 5.37 5.08 6.00 5.36 5.04 5.39 5.20 6.24 +8 0 -5 +1 +34 -15 -30 -3 +13 +58 See footnote(s) at end of table. Price Reactions After USDA Crop Reports (March 2023) USDA, National Agricultural Statistics Service --continued 27 Wheat Price Changes Following Crop Production Reports – United States: 1985-2022 (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) 2021 May ......................... June ........................ July ......................... August .................... Annual .................... 8.66 7.56 6.80 8.01 8.12 8.46 7.60 7.01 8.30 8.32 8.03 7.31 7.38 8.19 8.45 -20 +4 +21 +29 +20 -63 -25 +58 +18 +33 2022 May ......................... June ........................ July ......................... August .................... Annual .................... 14.76 13.19 10.50 10.49 11.22 14.90 13.08 10.03 10.54 11.67 15.15 12.99 10.05 9.75 11.30 +14 -11 -47 +5 +45 +39 -20 -45 -74 +8 (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. 28 Price Reactions After USDA Crop Reports (March 2023) USDA, National Agricultural Statistics Service Wheat Price Changes Following Grain Stocks Reports – United States: 1984-2022 Price 1 Date Price change 2 Prior closing Day after report Week after report Day after report Week after report (cents per bushel) (cents per bushel) (dollars per bushel) (dollars per bushel) (dollars 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. Price Reactions After USDA Crop Reports (March 2023) USDA, National Agricultural Statistics Service --continued 29 Wheat Price Changes Following Grain Stocks Reports – United States: 1984-2022 (continued) Price 1 Date Price change 2 Prior closing Day after report Week after report Day after report Week after report (cents per bushel) (cents per bushel) (dollars per bushel) (dollars per bushel) (dollars 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. 30 --continued Price Reactions After USDA Crop Reports (March 2023) USDA, National Agricultural Statistics Service Wheat Price Changes Following Grain Stocks Reports – United States: 1984-2022 (continued) Price 1 Date Price change 2 Prior closing Day after report Week after report Day after report Week after report (cents per bushel) (cents per bushel) (dollars per bushel) (dollars per bushel) (dollars 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. Price Reactions After USDA Crop Reports (March 2023) USDA, National Agricultural Statistics Service --continued 31 Wheat Price Changes Following Grain Stocks Reports – United States: 1984-2022 (continued) Price 1 Date Price change 2 Prior closing Day after report Week after report Day after report Week after report (cents per bushel) (cents per bushel) (dollars per bushel) (dollars per bushel) (dollars 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 2020 March ............................. June ............................... September ..................... December ...................... 5.87 5.06 5.66 7.04 5.83 5.13 6.00 7.36 5.65 5.11 6.24 7.56 -4 +7 +34 +32 -22 +5 +58 +52 2021 March ............................. June ............................... September ..................... December ...................... 6.84 7.39 8.12 10.77 7.01 7.45 8.32 9.63 6.86 6.70 8.45 9.44 +17 +6 +20 -114 +2 -69 +33 -133 2022 March ............................. June ............................... September ..................... December ...................... 13.15 11.69 11.22 9.57 13.00 11.30 11.67 9.70 13.35 10.17 11.30 9.92 -15 -39 +45 +13 +20 -152 +8 +35 (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. 32 Price Reactions After USDA Crop Reports (March 2023) USDA, National Agricultural Statistics Service Upland Cotton Price Changes Following Crop Production Reports – United States: 1989-2022 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. Price Reactions After USDA Crop Reports (March 2023) USDA, National Agricultural Statistics Service --continued 33 Upland Cotton Price Changes Following Crop Production Reports – United States: 1989-2022 (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. 34 --continued Price Reactions After USDA Crop Reports (March 2023) USDA, National Agricultural Statistics Service Upland Cotton Price Changes Following Crop Production Reports – United States: 1989-2022 (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 ...................... January 3 ....................... Annual 3 ......................... 99.76 107.36 99.51 94.80 89.25 90.26 78.41 96.42 107.66 96.26 94.38 87.66 89.06 74.41 106.66 105.84 97.02 99.26 83.06 90.66 69.69 -334 +30 -325 -42 -159 -120 -400 +690 -152 -249 +446 -619 +40 -872 See footnote(s) at end of table. Price Reactions After USDA Crop Reports (March 2023) USDA, National Agricultural Statistics Service --continued 35 Upland Cotton Price Changes Following Crop Production Reports – United States: 1989-2022 (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) 2012 August ........................... September ..................... October .......................... November ...................... December ...................... January .......................... Annual ........................... 71.42 70.24 66.93 65.11 69.11 70.86 82.94 68.71 68.84 65.54 63.41 70.46 71.01 81.49 68.12 70.84 72.97 69.54 71.43 73.13 81.06 -271 -140 -139 -170 +135 +15 -145 -330 +60 +604 +443 +232 +227 -188 2013 August ........................... September ..................... October .......................... November ...................... December ...................... January .......................... Annual ........................... 84.96 81.36 (NA) 74.33 77.15 79.40 85.93 85.97 82.41 (NA) 74.41 77.53 79.17 85.22 89.14 82.06 (NA) 73.87 80.09 82.46 83.29 +101 +105 (NA) +8 +38 -23 -71 +418 +70 (NA) -46 +294 +306 -264 2014 August ........................... September ..................... October .......................... November ...................... December ...................... January .......................... Annual ........................... 64.63 69.10 63.85 62.76 58.56 59.36 63.21 63.06 69.64 63.96 61.24 58.34 58.41 62.87 63.14 64.91 63.26 57.95 58.77 58.13 63.05 -157 +54 +11 -152 -22 -95 -34 -149 -419 -59 -481 +21 -123 -16 2015 August ........................... September ..................... October .......................... November ...................... December ...................... January .......................... Annual ........................... 59.36 60.54 60.09 60.43 63.06 60.43 59.41 62.46 61.42 59.94 60.45 63.40 60.49 59.11 64.45 60.21 61.67 61.04 61.97 60.29 59.53 +310 +88 -15 +2 +34 +6 -30 +509 -33 +158 +61 -109 -14 +12 2016 August ........................... September ..................... October .......................... November ...................... December ...................... January .......................... Annual ........................... 69.66 67.66 66.10 68.07 70.48 71.49 73.89 68.24 65.80 67.91 67.74 69.75 70.92 74.06 66.89 66.49 69.82 69.89 70.80 70.90 81.76 -142 -186 +181 -33 -73 -57 +17 -277 -117 +372 +182 +32 -59 +787 2017 August ........................... September ..................... October .......................... November ...................... December ...................... January .......................... Annual ........................... 68.41 72.35 67.06 67.13 70.96 79.96 81.61 69.12 71.79 66.14 66.78 70.90 78.91 80.33 65.52 68.16 65.84 67.33 73.07 79.56 80.32 +71 -56 -92 -35 -6 -105 -128 -289 -419 -122 +20 +211 -40 -129 See footnote(s) at end of table. 36 --continued Price Reactions After USDA Crop Reports (March 2023) USDA, National Agricultural Statistics Service Upland Cotton Price Changes Following Crop Production Reports – United States: 1989-2022 (continued) [Blank data cells indicate estimation period has not yet begun] 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) 2018 August ......................... September ................... October ....................... November .................... December .................... January ....................... Annual ......................... 83.47 79.32 73.19 75.17 75.31 68.24 64.69 82.07 79.05 73.20 75.22 75.45 67.98 62.91 78.34 74.84 74.31 72.68 74.11 66.03 61.26 -140 -27 +1 +5 +14 -26 -178 -513 -448 +112 -249 -120 -221 -343 2019 August ......................... September ................... October ....................... November .................... December .................... January ....................... Annual ......................... 53.87 55.66 59.23 61.49 60.88 66.23 51.99 52.85 58.54 58.56 61.65 61.43 66.85 53.91 55.40 57.93 61.68 61.16 62.54 65.76 53.37 -102 +288 -67 +16 +55 +62 +192 +153 +227 +245 -33 +166 -47 +138 2020 August ......................... September ................... October ....................... November .................... December .................... January ....................... Annual ......................... 58.39 58.67 61.92 65.89 68.89 76.07 83.57 57.20 58.77 62.10 65.74 69.90 77.34 84.05 57.53 60.24 63.76 66.47 71.36 76.56 79.83 -119 +10 +18 -15 +101 +127 +48 -86 +157 +184 +58 +247 +49 -374 2021 August ......................... September ................... October ....................... November .................... December .................... January ....................... Annual ......................... 87.75 90.70 107.39 112.76 104.15 112.70 138.60 89.88 91.41 103.17 115.59 104.02 114.32 140.53 91.63 89.59 103.86 113.69 103.18 117.76 139.47 +213 +71 -422 +283 -13 +162 +193 +388 -111 -353 +93 -97 +506 +87 114.80 110.38 89.72 87.47 79.85 82.87 118.80 111.07 85.78 85.86 79.95 80.65 121.48 101.88 83.15 88.10 80.24 83.42 +400 +69 -394 -161 +10 -222 +668 -850 -657 +63 +39 +55 2022 August ......................... September ................... October ....................... November .................... December .................... January ....................... Annual ......................... (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. 3 Prior to 2011 "Annual" references the January Crop Production report. Beginning in 2011, "Annual" references the May Crop Production report. Price Reactions After USDA Crop Reports (March 2023) USDA, National Agricultural Statistics Service 37 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 [email protected] Lance Honig, Chief, Crops Branch ....................................................................................................... (202) 720-2127 Chris Hawthorn, Head, Field Crops Section ......................................................................................... (202) 720-2127 Irwin Anolik – Crop Weather........................................................................................................... (202) 720-7621 Joshua Bates – Hemp, Oats, Soybeans ............................................................................................. (202) 690-3234 David Colwell – Current Agricultural Industrial Reports ................................................................ (202) 720-8800 Michelle Harder – Barley, County Estimates, Hay .......................................................................... (202) 690-8533 James Johanson – Rye, Wheat ......................................................................................................... (202) 720-8068 Chris Hawthorn – Corn, Flaxseed, Proso Millet .............................................................................. (202) 720-2127 Becky Sommer – Cotton, Cotton Ginnings, Sorghum ..................................................................... (202) 720-5944 Travis Thorson – Sunflower, Other Oilseeds ................................................................................... (202) 720-7369 Lihan Wei – Peanuts, Rice ............................................................................................................... (202) 720-7688 38 Price Reactions After USDA Crop Reports (March 2023) 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. 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