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USDA's July report raised 2023/24 global corn production to 1.224 billion mt, with US output at 389.1 mmt after a yield cut to 177.5 bu/acre due to a dry June. Ukraine and Canada production forecasts were also raised, while the EU was reduced to 63.4 mmt.
A lower US yield estimate tightens domestic corn supply, but higher global production and export forecasts, including Ukraine, partly offset it. Feed buyers face mixed supply signals.
tridge.comVictor LangatJul 21, 2023After 770 past neutral report events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.1% to +1.6%), and +0.7% 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.
