Loading…
USDA's Nov. 9 World Supply and Demand Estimates raised the US corn yield to a record 175.4 bpa despite drought in parts of the Plains and Corn Belt.
The author questions the estimate given the dry conditions and the poor crop ratings. Subsoil moisture data show drought stress was significant in the northwestern Plains.
A record yield estimate expands supply and weighs on corn futures and corn-based feed costs. Doubts about the number could make the market vulnerable to later downward revisions.
dtnpf.comTodd HultmanNov 14, 2017After 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.
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.
