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The May 2022 USDA report put 2022/23 US corn yield at 177 bpa and production at 14.46 billion bushels, both below trade expectations. December corn tested its April 29 contract high after the report, while world corn stocks came in above expectations.
Production below trade estimates supports corn prices, though larger-than-expected stocks and bearish global usage temper the rally.
hightowerreport.comTerry RoggensackMay 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.
