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USDA's December 9 WASDE lowered U.S. corn export demand by 75 million bushels to 2.075 billion and raised ending stocks to 1.257 billion. Corn production was held at 13.930 billion bushels, with yield at 172.3 bushels per acre.
USDA cut Ukraine's production by 4.5 million tonnes to 27 million and raised its exports by 2 million to 17.5 million.
Reduced U.S. export demand and higher stocks weigh on corn prices, while lower Ukrainian production tightens some global supply, partly offsetting the bearish effect.
greatamericancrop.comDec 9, 2022After 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.
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.
