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The Center for Dairy Excellence weekly roundup summarizes recent USDA releases, including the November WASDE raising the national corn yield to 174.9 bu/acre and a record US corn crop. It also covers dairy product output, the September DMC margin and September milk production.
A record corn crop and better yields point to more manageable feed costs for dairy producers, which is bearish for corn and feed grain prices.
centerfordairyexcellence.orgNov 15, 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 136 past neutral report events, Milk (Class III) moved a median -0.1% over 5 sessions (43% higher; middle half -0.7% to +0.5%), and -0.3% 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.
