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USDA raised its forecast for 2023/24 global grain, wheat, soybean and soymeal exports to 698.9 million tons, a rise for the fifth consecutive month. Global coarse grain exports are projected at 243.2 million tons, up 10% year on year, with rising China imports and gains expected from Argentina and the US.
Strong coarse grain trade and China import demand support corn prices and sustain dry bulk demand, which tends to firm freight rates.
breakwaveadvisors.comCommodore Research, ConsultancyMar 15, 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.
Not enough comparable past events yet for a historical read.
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.
