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USDA's November 8 report cut the U.S. corn yield by 1.8 bushels to 178.9 per acre, lowering production 152 million bushels to 14.63 billion. Consumption projections fell 75 million bushels, and 2018-19 ending stocks were reduced to 1.736 billion bushels.
Corn prices showed little reaction to the smaller crop.
A smaller crop and tighter stocks-to-use ratio (11.5%) are supportive for feed grain costs, but muted price response signals that large carryover is still limiting rallies.
aces.illinois.eduStephanie HenryNov 13, 2018After 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.
