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The August WASDE, released August 11, 2021, cut the U.S. corn yield nearly 5 bushels per acre to 174.6, reducing production 415 million bushels to 14.75 billion. New-crop corn ending stocks fell 190 million bushels to 1.242 billion.
Analysts called the cut a large surprise and noted possible further yield declines.
The smaller corn crop and lower ending stocks point to higher corn prices as the market prices in reduced supply, with the December contract showing a possible bullish breakout.
agweek.comMichelle RookAug 11, 2021After 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.
