# USDA maintains record corn production forecasts despite Midwest drought

> USDA's WASDE cut the national corn yield to 177.5 bushels per acre, down four bushels, but a 6% rise in planted acreage to 94.1 million keeps production above 15.3 billion bushels. The report cited extreme June dryness in Corn Belt states and expected rain to moderate the impact.

- Date: 2023-08-01 · published 2023-08-01T12:00:00.000Z
- Category: report · region US · magnitude medium
- Page: https://feedsoft.ai/events/13267-usda-maintains-record-corn-production-forecasts-despite-midwest-drought
- Commodities: [Corn](https://feedsoft.ai/c/CORN.md)

## Why it matters

A record-scale crop forecast despite the yield cut limits upside in corn prices, though traders expect the August survey-based report to move markets more.

## Read by commodity

- CORN: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| CORN | 2023-08-03 | 5 | -11.7% | -4.5 | USDA kept record corn production on large planted acreage, with the yield cut offset by acreage, which limited supply concerns and encouraged selling. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| CORN | 2023-11-09 | [USDA Predicts Record Corn Production](https://feedsoft.ai/events/33113-usda-predicts-record-corn-production.md) | -1.5% | -1.0% |
| CORN | 2017-08-10 | [USDA Forecasts Record-High Soybean Production in 2017](https://feedsoft.ai/events/69299-usda-forecasts-record-high-soybean-production-in-2017.md) | -4.5% | -6.5% |
| CORN | 2023-05-23 | [USDA forecasts record-large corn, soy production in 2023 \| Food Business News](https://feedsoft.ai/events/13277-usda-forecasts-record-large-corn-soy-production-in-2023-food-business-news.md) | -1.8% | +0.2% |
| CORN | 2020-05-12 | [USDA forecasts record corn production, jump in exports \| Profitability \| farmweeknow.com](https://feedsoft.ai/events/52965-usda-forecasts-record-corn-production-jump-in-exports-profitability-farmweeknow.md) | +0.6% | +4.2% |
| CORN | 2024-10-11 | [USDA Boosts Corn Production Estimate](https://feedsoft.ai/events/27801-usda-boosts-corn-production-estimate.md) | -1.8% | +0.9% |

## Sources

- agri-pulse.com: https://www.agri-pulse.com/articles/19690-usda-maintains-record-corn-production-forecasts-despite-midwest-drought

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.