USDA’s November Crop Production report lowered its U.S. corn yield forecast to 179.6 bushels per acre, down 1.6 bushels from the prior forecast, and projected production at 15.9 billion bushels. The article describes unusually wet conditions and flooding in parts of the western U.S. during October, while noting that the projected crop would still be the second largest on record.
The lower yield forecast reduces expected corn supply and is supportive for prices, although the projected crop remains historically large. Weather-related impacts may add uncertainty to regional crop outcomes.
After 1,040 past bullish report events, Corn moved a median +0.5% over 5 sessions (62% higher; middle half -0.9% to +2.0%), and +0.8% over 20.
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.