
USDA's November report raised the 2017 US corn yield to a record 175.4 bu/acre, up 3.6 bu from October and above the trade guess of 172.3. Production rose to 14.578 billion bushels, and projected ending stocks grew to 2.487 billion bushels.
Exports were raised 75 million bushels to 1.925 billion.
A record corn crop and rising ending stocks point to a feed grain surplus that pressures corn prices. More corn is expected to support larger beef supplies later, which weighs on cattle prices.
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.
After 144 past bearish report events, Live Cattle moved a median -0.1% over 5 sessions (49% higher; middle half -1.1% to +0.9%), and +0.5% 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.