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USDA raised 2023-24 U.S. corn production by 170 million bushels to 15.234 billion, a record that surpasses the 2016 crop. Soybean production was raised 25 million bushels to 4.129 billion, and corn ending stocks rose 45 million bushels to 2.156 billion.
The surprise corn yield lifts supplies well above trade estimates, which weighs on corn prices and reduces the cost outlook for feed buyers. Slightly larger soybean supplies add modest downside pressure on meal and oil.
dtnpf.comDTN StaffNov 9, 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.
After 788 past bearish report events, Soybeans moved a median -0.3% over 5 sessions (47% higher; middle half -2.0% to +1.5%), and -0.9% 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.
