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USDA's August WASDE raised its corn production forecast to 13.9 billion bushels and yield to 169.5 bushels per acre, surprising traders. The agency also cut 2019-20 corn export estimates by 100 million bushels, and corn futures posted their steepest drop in six years.
Higher output and lower export expectations build corn carryout, weighing on prices and making feed cheaper for livestock and poultry producers.
politico.comRyan McCrimmonAug 13, 2019After 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.
Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
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.
