USDA's November report put the corn yield at 179.6 bushels per acre and cut ending stocks to about 1.75 billion bushels, down roughly 91 million from October. USDA also reduced projected corn exports by 25 million bushels because shipments have lagged seasonal pace.
Lower projected stocks support corn prices after bearish surprises in earlier reports, though weaker export demand limits the rally. Analysts say carryout nearer 1.5 to 1.6 billion bushels would be needed to bring $5 corn back within reach.
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.