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The USDA report raised the US corn yield to a record 175.4 bushels per acre, 3.0 bushels above the trade average. Production rose 298 million bushels, feed and exports each rose 75 million bushels, and ending stocks climbed 148 million to 2.488 billion bushels, the largest since 1987.
World corn ending stocks were also raised to 203.9 million tonnes.
The large US supply and bigger-than-expected ending stocks are bearish for corn prices in the short run. Tighter world stocks relative to use leave room for a rally if production problems emerge later.
standard-democrat.comDavid ReinbottNov 22, 2017After 1,102 past bearish report events, Corn moved a median -0.2% over 5 sessions (47% higher; middle half -1.8% to +1.3%), and +0.0% 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.
