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USDA's Foreign Agricultural Service cut its 2022/23 EU corn production forecast to 60.0 million tonnes, down 12% from last month and 15% below last year. Searing heat and drought during pollination diminished yields in southern Europe.
Area was slightly above the five-year average.
A sharply lower EU corn crop increases reliance on imports, supporting global corn prices and raising feed costs for buyers.
farmpolicynews.illinois.eduKeith GoodAug 16, 2022After 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.
