
The USDA cut its US corn production estimate by 141 million bushels to 15.893 billion and lowered its projected yield from 181.2 to 179.6 bushels per acre. It also reduced corn ending stocks by 91 million bushels to 1.758 billion and cut feed and export use by 25 million bushels each.
It raised US soybean production by 12 million bushels to 4.57 billion.
Lower corn supply and stocks support prices, but weaker feed and export demand offsets part of that effect. Higher US soybean output is bearish for soybeans and related products, and it also affects Brazilian prices, exports and feed costs.
After 775 past neutral report events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.1% to +1.6%), and +0.7% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.