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The November USDA reports cut the U.S. corn crop to 14.63 billion bushels, down 152 million from October, with yield at 178.9 bushels per acre, below pre-report estimates. The report also revised Chinese corn data and some domestic consumption categories, and corn prices did not respond to the smaller crop.
A smaller crop that fails to lift prices shows ample stocks and weak market reaction, so feed buyers face limited near-term price support for corn.
doi.orgTodd Hubbs, Hubbs, ToddJan 1, 2018After 770 past neutral report events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.1% to +1.6%), and +0.7% 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.
