# Market Perspectives – July 13, 2023 - U.S. Grains & BioProducts Council

> 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.

- Date: 2023-07-13 · published 2023-07-13T12:00:00.000Z
- Category: report · region US · magnitude medium
- Page: https://feedsoft.ai/events/7054-market-perspectives-july-13-2023-u-s-grains-and-bioproducts-council
- Commodities: [DDGS](https://feedsoft.ai/c/DDGS.md), [Corn](https://feedsoft.ai/c/CORN.md), [Soybean Meal](https://feedsoft.ai/c/SBM.md)

## Why it matters

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.

## Read by commodity

- SBM: bullish ▲
- CORN: bullish ▲
- DDGS: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| CORN | 2020-07-02 | [Market Perspectives – July 2, 2020 - U.S. Grains & BioProducts Council](https://feedsoft.ai/events/12771-market-perspectives-july-2-2020-u-s-grains-and-bioproducts-council.md) | +0.9% | -6.0% |
| CORN | 2024-05-16 | [Market Perspectives - May 16, 2024 - U.S. Grains & BioProducts Council](https://feedsoft.ai/events/10514-market-perspectives-may-16-2024-u-s-grains-and-bioproducts-council.md) | +0.1% | +4.6% |
| CORN | 2019-10-03 | [Market Perspectives – October 3, 2019 - U.S. Grains & BioProducts Council](https://feedsoft.ai/events/56622-market-perspectives-october-3-2019-u-s-grains-and-bioproducts-council.md) | +2.7% | +0.5% |
| CORN | 2018-11-08 | [Market Perspectives - November 8, 2018 - U.S. Grains & BioProducts Council](https://feedsoft.ai/events/62131-market-perspectives-november-8-2018-u-s-grains-and-bioproducts-council.md) | -6.8% | -0.4% |
| CORN | 2018-03-29 | [Market Perspectives - March 29, 2018 - Page 7 of 11 - U.S. Grains & BioProducts Council](https://feedsoft.ai/events/66084-market-perspectives-march-29-2018-page-7-of-11-u-s-grains-and-bioproducts.md) | +4.8% | +4.9% |
| SBM | 2020-07-02 | [Market Perspectives – July 2, 2020 - U.S. Grains & BioProducts Council](https://feedsoft.ai/events/12771-market-perspectives-july-2-2020-u-s-grains-and-bioproducts-council.md) | +0.8% | -1.0% |
| SBM | 2024-03-28 | [Grains Report 03/28/2024 - Market InsightsMarket Insights](https://feedsoft.ai/events/31242-grains-report-03-28-2024-market-insightsmarket-insights.md) | -1.7% | +1.6% |
| SBM | 2020-12-01 | [Corn Market Blindsided by Large U.S. Supply Revision \| Feed & Grain](https://feedsoft.ai/events/49581-corn-market-blindsided-by-large-u-s-supply-revision-feed-and-grain.md) | -1.7% | +8.6% |

## Sources

- grains.org: https://grains.org/market_perspectives/market-perspectives-july-13-2023/
- grains.org: https://grains.org/market_perspectives/market-perspectives-july-13-2023/6/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.