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US corn farmers produced a record crop despite a summer of drought and extreme heat. Bloomberg reports the bumper harvest should keep costs down for poultry and biofuel producers.
A record US corn crop expands supply and is bearish for corn and the feed and ethanol chains that rely on it.
archive.phMichael HirtzerNov 10, 2023After 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.
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.
