USDA raised its national corn yield by 2.7 bushels per acre to 181.2 bushels, far above the trade's expectation of a 0.7-bushel cut. Production rose 234 million bushels to more than 16 billion bushels, and corn prices fell sharply.
A large upward yield revision expands US corn supply substantially, pressuring corn prices and lowering feed grain costs for buyers.
After 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.
Not enough comparable past events yet for a historical read.
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.