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USDA's November WASDE raised the US corn yield estimate to 174.9 bushels per acre, implying a record crop of 15.234 billion bushels, 170 million more than in October. The report surprised the market and is seen as bearish for Canadian feed barley.
A larger US corn supply lowers the price of imported corn that competes with barley in Canadian feed rations, which pressures barley values.
producer.comadminNov 16, 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.
Not enough comparable past events yet for a historical read.
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.
