Strong export demand for Argentine corn is keeping local prices from falling further, with the grain quoted about US$10 below US corn. The USDA cut its US corn production estimate to 403.7 million tonnes on lower yields, and raised Argentina's corn production to 57 million tonnes and its exports to 40 million tonnes.
A tighter US corn supply and firmer Argentine export demand support corn prices in Chicago and Argentina, which raises feed costs for buyers relying on South American corn.
After 737 past bullish trade events, Corn moved a median +0.4% over 5 sessions (57% higher; middle half -1.1% to +1.7%), 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.