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USDA export inspections for the week through November 30 showed corn at 45.6 million bushels, well above the analyst range of 13.8 to 35.4 million. Soybean and wheat inspections declined week over week and missed trade estimates, with Mexico the top corn destination.
Stronger-than-expected corn shipments, including an atypical volume to China, tighten US corn export supplies and support corn prices, while soybean and wheat weakness is bearish for those markets.
farmprogress.comBen PotterDec 4, 2023After 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 803 past bearish trade events, Soybeans moved a median +0.0% over 5 sessions (51% higher; middle half -1.7% to +1.7%), and +0.9% over 20.
After 375 past bearish trade events, Wheat (SRW) moved a median -0.2% over 5 sessions (47% higher; middle half -2.0% to +1.1%), and -0.1% 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.
