# Can rains save 2023 crops?

> USDA's July 12 WASDE set the 2023 corn yield at 177.5 bu/acre, a 4-bushel cut from June, splitting the difference between model outcomes. New crop corn futures fell to $4.81, the lowest since March 2021, after the report.

- Date: 2023-07-17 · published 2023-07-17T12:00:00.000Z
- Category: report · region US · magnitude medium
- Page: https://feedsoft.ai/events/7055-can-rains-save-2023-crops
- Commodities: [Corn](https://feedsoft.ai/c/CORN.md), [Soybeans](https://feedsoft.ai/c/SOY.md)

## Why it matters

The yield cut was in line with the average trade estimate, so the bearish price reaction reflects lower-than-hoped rally potential. Soybeans are seen having better upside than corn given the acreage shift.

## Read by commodity

- SOY: bullish ▲
- CORN: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| CORN | 2024-12-23 | [Rains benefit first-crop crops, says Conab - Cultivar Magazine](https://feedsoft.ai/events/13528-rains-benefit-first-crop-crops-says-conab-cultivar-magazine.md) | +0.5% | +6.9% |
| CORN | 2023-05-18 | [IGC raises forecast for 2023/24 world corn crop](https://feedsoft.ai/events/7840-igc-raises-forecast-for-2023-24-world-corn-crop.md) | +5.6% | +2.2% |
| CORN | 2023-03-24 | [COCERAL sees larger 2023 EU grain crop \| World Grain](https://feedsoft.ai/events/36793-coceral-sees-larger-2023-eu-grain-crop-world-grain.md) | +1.7% | +0.3% |
| CORN | 2019-08-27 | [U.S. grains: Soy slumps on improved crop rating - Grainews](https://feedsoft.ai/events/57605-u-s-grains-soy-slumps-on-improved-crop-rating-grainews.md) | -0.2% | +1.7% |
| CORN | 2024-08-22 | [Record US soybean crop forecast in 2024 \| World Grain](https://feedsoft.ai/events/28788-record-us-soybean-crop-forecast-in-2024-world-grain.md) | -2.2% | +6.2% |
| SOY | 2026-09-18 | [Grains & Sugar Weekly 09/18/2026](https://feedsoft.ai/events/11647-grains-and-sugar-weekly-09-18-2026.md) | -0.2% | -4.3% |
| SOY | 2019-07-19 | [Corn and soybean crops at mid-season, 2019 - farmdoc](https://feedsoft.ai/events/57920-corn-and-soybean-crops-at-mid-season-2019-farmdoc.md) | +0.1% | -2.6% |
| SOY | 2023-01-13 | [USDA's WASDE trims South American corn crops - Grain Central](https://feedsoft.ai/events/37741-usda-s-wasde-trims-south-american-corn-crops-grain-central.md) | -1.5% | +0.8% |

## Sources

- farmprogress.com: https://www.farmprogress.com/commentary/can-rains-save-2023-crops-

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