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USDA defended its corn yield estimates at a data meeting, noting the latest estimate of 173 bpa is well below the 181.5 bpa trend yield. The article notes yield fell below trend in the last five years including 2023 due to dry weather.
Debate over the yield estimate highlights uncertainty in the corn supply outlook, which can support corn prices if the USDA lowers its estimate.
reuters.comKaren BraunOct 19, 2023After 770 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.
