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USDA raised the U.S. corn crop 170 million bushels to a record 15.234 billion, with yield up nearly 2 bushels to 174.9 bpa. Ending stocks were projected at 2.156 billion bushels, the highest in five years, and the farm price was cut 10 cents to $4.85.
A larger corn crop and high ending stocks point to ample feed grain supply and bearish corn prices, with feed usage and exports raised partly offsetting the increase.
admis.comADMIS Research TeamNov 27, 2023After 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.
