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USDA's July Crop Production and WASDE reports lowered 2020 corn production by about 995 million bushels to 15 billion bushels on fewer planted acres. Old-crop carryover rose 145 million bushels, and 2020-21 corn ending stocks fell to 2.648 billion bushels, slightly below the average pre-report estimate.
Smaller new-crop production and lower ending stocks are supportive for corn prices and feed costs. The higher old-crop carryover offsets part of the tightening.
dtnpf.comJul 10, 2020After 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.
