# Corn and Soy Complex Surge on Bullish USDA Stocks and Production Data

> Corn and soybean futures rallied after USDA cut 2022 harvested corn acres by 1.6 million to 79.2 million, which reduced the crop to 13.73 billion bushels. Soybean meal and soybeans also gained as stocks and production came in below trade estimates.

- Date: 2023-01-12 · published 2023-01-12T12:00:00.000Z
- Category: report · region US · magnitude high
- Page: https://feedsoft.ai/events/37730-corn-and-soy-complex-surge-on-bullish-usda-stocks-and-production-data
- Commodities: [Corn](https://feedsoft.ai/c/CORN.md), [Soybeans](https://feedsoft.ai/c/SOY.md), [Soybean Meal](https://feedsoft.ai/c/SBM.md)

## Why it matters

A smaller old-crop corn crop and tighter stocks support prices, and the sharp rally shows funds were already long going into the report. Export cuts of 150 million bushels partly offset the supply tightening.

## Read by commodity

- SBM: bullish ▲
- SOY: bullish ▲
- CORN: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| CORN | 2018-07-12 | [USDA Bumps Corn and Soybean Production, Drops Soybean Exports](https://feedsoft.ai/events/63997-usda-bumps-corn-and-soybean-production-drops-soybean-exports.md) | +2.9% | +12.0% |
| CORN | 2023-10-13 | [Soybeans Soar on USDA WASDE Bullish Yield and Stocks Data, Grains Follow](https://feedsoft.ai/events/33585-soybeans-soar-on-usda-wasde-bullish-yield-and-stocks-data-grains-follow.md) | +0.2% | -3.5% |
| CORN | 2023-08-11 | [USDA Lowers Corn and Soybean Yields and Production](https://feedsoft.ai/events/12250-usda-lowers-corn-and-soybean-yields-and-production.md) | -1.6% | -2.3% |
| CORN | 2024-05-10 | [USDA Lowers Estimates for Brazil Corn and Soy Production](https://feedsoft.ai/events/30215-usda-lowers-estimates-for-brazil-corn-and-soy-production.md) | +2.4% | +2.7% |
| CORN | 2024-07-12 | [USDA Hikes Corn Production, but Lowers 2024-25 Corn Ending Stocks](https://feedsoft.ai/events/29201-usda-hikes-corn-production-but-lowers-2024-25-corn-ending-stocks.md) | -2.4% | -2.7% |
| SOY | 2023-10-13 | [Soybeans Soar on USDA WASDE Bullish Yield and Stocks Data, Grains Follow](https://feedsoft.ai/events/33585-soybeans-soar-on-usda-wasde-bullish-yield-and-stocks-data-grains-follow.md) | +2.0% | +2.9% |
| SOY | 2023-08-11 | [USDA Lowers Corn and Soybean Yields and Production](https://feedsoft.ai/events/12250-usda-lowers-corn-and-soybean-yields-and-production.md) | -5.3% | -4.4% |
| SOY | 2019-09-12 | [USDA Lowers Corn, Soybean Production and Yield - ProAg](https://feedsoft.ai/events/9896-usda-lowers-corn-soybean-production-and-yield-proag.md) | +4.1% | +8.2% |

## Sources

- dtnpf.com: https://www.dtnpf.com/agriculture/web/ag/news/article/2023/01/12/corn-soy-complex-surge-bullish-usda

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.