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USDA's May WASDE used a 177 bpa corn yield for 2022/23, 4 bpa below the February Outlook Forum trend, and cut corn feed and ethanol use. Separately, CONAB raised Brazil's corn crop estimate to 116.2 MMT and increased its export estimate.
The lower US yield tightens new-crop corn supply, supporting corn prices, while Brazil's larger crop adds export supply that partly offsets it.
farmprogress.comBrian SplittMay 12, 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.
