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USDA raised its US corn yield estimate to 183.8 bushels per acre, the third consecutive monthly increase. The analysis compares 2024 supply and price trends with 2014, when yields also rose each month.
Rising yield estimates point to larger US corn supplies, which is bearish for corn prices and reduces export competitiveness pressure on other origins.
reuters.comKaren BraunOct 18, 2024After 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.
