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Corn rallied the week after the December WASDE showed a tighter balance, with China and Brazil reducing their production forecasts. Analysts raised their 2024/25 Chicago corn average forecast to $4.35 per bushel from $3.90, and expect the market to consolidate near $4.50.
Western hemisphere harvests are complete and South American planting is progressing well.
Lower Chinese and Brazilian production and tighter US stocks support corn prices, although harvest pressure has eased. Buyers should expect firm corn prices with limited downside in the near term.
czapp.comAlberto CarmonaDec 17, 2024After 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.
