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USDA's December report left the 2020/21 US corn balance sheet unchanged, with carryout at 1.7 billion bushels and a stocks-to-use ratio of 11.5%. Exports are pegged at a record 2.65 billion bushels, and cumulative sales are at 67% of the USDA forecast.
Record export expectations and tight stocks-to-use provide fundamental price support, with further USDA cuts to supply potential possible.
farmprogress.comNaomi BlohmDec 17, 2020After 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 53 past bullish report events, US Dollar (Broad) moved a median +0.1% over 5 sessions (51% higher; middle half -0.4% to +0.5%), and +0.5% 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.
