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USDA cut its outlook for domestic corn yields, with reductions in Illinois and Iowa pulling the national number lower, though it remains a record. Corn futures in Chicago jumped as much as 2.8 percent, the most since Oct.
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A lower USDA yield estimate tightens expected corn supplies, supporting prices. The move reflects a reduced crop outlook rather than a change in demand.
bloomberg.comMegan Durisin Albery, Shruti SinghOct 11, 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.
