
Corn futures fell by the most since June 2023 after the USDA raised its outlook for US supplies when analysts had expected a cut. The agency's monthly supply and demand report lifted the average corn yield and production to record levels, and quarterly and end-of-season stocks also came in above expectations.
A larger-than-expected US crop and bigger stocks add to ample supply, pressuring corn prices and weighing on feed costs for buyers' outlook.
After 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.
Not enough comparable past events yet for a historical read.
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.