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The USDA Outlook Forum projected 2023 US corn plantings at 91.0 million acres, down from the October baseline but up 2.4 million from 2022. Corn yield is projected at 181.5 bushels per acre, up 4.7%, and wheat area is seen rising to 49.5 million acres.
A larger projected US corn area and higher yields point to ample domestic supply, which is bearish for feed grain prices.
ncga.comNational Corn Growers AssociationFeb 1, 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 406 past neutral report events, Wheat (SRW) moved a median -0.2% over 5 sessions (47% higher; middle half -1.6% to +1.5%), and +0.0% 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.
