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Corn futures rose 6 cents in the week after an initial bearish reaction to the July WASDE gave way to buying. USDA cut its US corn yield 2.2% to 177.5 bu/acre and raised 2023/24 production to 15.32 billion bushels, while lifting ending stocks slightly to 2.262 billion bushels.
A lower yield forecast amid persistent Midwest dryness supports feed grain prices, though record-high production and higher ending stocks cap the upside. Traders doubt the USDA yield can be achieved.
grains.orgJul 13, 2023grains.orgJul 13, 2023Not enough comparable past events yet for a historical read.
After 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.
After 414 past bullish report events, Soybean Meal moved a median -0.1% over 5 sessions (48% higher; middle half -2.1% to +2.3%), and +0.3% 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.
