# Market Perspectives – May 18, 2023 - U.S. Grains & BioProducts Council

> The USDA's May WASDE forecast record global corn production for 2023/24 and larger US production and ending stocks, with US corn yield at a record 181.5 bushels per acre. Corn futures fell 5.3% that week, also weighed by renewal of the Black Sea grain corridor. Feed and residual use is forecast up 7% on the larger crop.

- Date: 2023-05-18 · published 2023-05-18T12:00:00.000Z
- Category: report · region Global · magnitude high
- Page: https://feedsoft.ai/events/7839-market-perspectives-may-18-2023-u-s-grains-and-bioproducts-council
- Commodities: [Corn](https://feedsoft.ai/c/CORN.md), [DDGS](https://feedsoft.ai/c/DDGS.md), [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md)

## Why it matters

Record US and global supplies point to ample feed grain availability and lower prices for buyers. The larger crop is expected to boost feed use, reinforcing bearish price pressure.

## Read by commodity

- CORN: bearish ▼
- DDGS: bearish ▼
- WHEAT: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| CORN | 2023-05-18 | 5 | -8.8% | -3.2 | Corn futures fell 5.3% on the week on record global and US production forecasts and the Black Sea corridor renewal. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| CORN | 2021-03-11 | [Market Perspectives – March 11, 2021 - U.S. Grains & BioProducts Council](https://feedsoft.ai/events/5118-market-perspectives-march-11-2021-u-s-grains-and-bioproducts-council.md) | -7.7% | +3.4% |
| CORN | 2023-12-14 | [Market Perspectives – December 14, 2023 - U.S. Grains & BioProducts Council](https://feedsoft.ai/events/9996-market-perspectives-december-14-2023-u-s-grains-and-bioproducts-council.md) | +1.5% | +1.2% |
| CORN | 2020-07-16 | [Market Perspectives – July 16, 2020 - U.S. Grains & BioProducts Council](https://feedsoft.ai/events/4467-market-perspectives-july-16-2020-u-s-grains-and-bioproducts-council.md) | +0.8% | -0.4% |
| CORN | 2018-12-13 | [Market Perspectives - December 13, 2018 - U.S. Grains & BioProducts Council](https://feedsoft.ai/events/61482-market-perspectives-december-13-2018-u-s-grains-and-bioproducts-council.md) | -0.1% | +1.1% |
| CORN | 2024-09-26 | [Market Perspectives - September 26, 2024 - U.S. Grains & BioProducts Council](https://feedsoft.ai/events/28411-market-perspectives-september-26-2024-u-s-grains-and-bioproducts-council.md) | +2.5% | +0.4% |
| WHEAT | 2025-03-21 | [Global grain production to rise in 2025/26: Grain market daily \| AHDB](https://feedsoft.ai/events/25624-global-grain-production-to-rise-in-2025-26-grain-market-daily-ahdb.md) | -1.2% | -1.6% |
| WHEAT | 2024-12-05 | [Grains Report 12/05/2024 - Market InsightsMarket Insights](https://feedsoft.ai/events/27010-grains-report-12-05-2024-market-insightsmarket-insights.md) | +1.1% | +1.9% |
| WHEAT | 2019-05-12 | [Daily Market Wire 13 May 2019 - Grain Central](https://feedsoft.ai/events/5739-daily-market-wire-13-may-2019-grain-central.md) | -0.4% | +4.7% |

## Sources

- grains.org: https://grains.org/market_perspectives/market-perspectives-may-18-2023/

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