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US corn and soybean oil export demand has surged, with corn sales pacing at triple the five-year average. USDA raised 2024/25 corn exports to 2.475 billion bushels, the highest since 2020/21, and Mexico is front-loading imports.
The December WASDE also raised the soybean oil export forecast.
Strong export pace draws down US corn stocks and supports corn prices, while higher soybean oil export demand tightens that supply and supports oil prices. Feed buyers should expect firm corn prices while the export pace continues.
bakingbusiness.comCrystal Futrell, Matt NoltemeyerDec 11, 2024After 729 past bullish trade events, Corn moved a median +0.4% over 5 sessions (56% higher; middle half -1.1% to +1.8%), and +0.5% over 20.
After 224 past bullish trade events, Soybean Oil moved a median +0.4% over 5 sessions (54% higher; middle half -1.5% to +2.1%), 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.
