The November WASDE cut US corn production for 2026/27 by 3.57 million tonnes to 403.7 million tonnes. December corn futures in Chicago gained about 2.2% after the report, and prices remain down 7-8% over the past month.
A smaller US crop tightens the feed-grain balance and supports corn prices. Large global wheat supplies and strong South American corn prospects limit the rally and provide substitution pressure for feed buyers.
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.
After 1,006 past bearish report events, Wheat (SRW) moved a median +0.0% over 5 sessions (50% higher; middle half -1.6% to +1.8%), and +0.3% 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.