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CIH's summary of the August 2023 WASDE said corn yield was 175.1 bushels per acre, down 2.4 from July and slightly below analysts' average. Corn ending stocks were cut 60 million bushels to 2.2 billion, and the season-average farm price was raised to $4.90 per bushel.
Global corn production and ending stocks were also lowered, with China's output cut for excess rain.
Lower global corn stocks and a higher farm price forecast support corn prices. The report was broadly in line with expectations, so the market reaction was limited.
cihedging.comAug 11, 2023After 1,040 past bullish report events, Corn moved a median +0.5% over 5 sessions (62% higher; middle half -0.9% to +2.0%), and +0.8% 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.
