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Cargill's Greg Lumsden gave a macro overview of grain markets, citing a 19 percent year-on-year rise in Brazilian production and China's first-ever purchases of Brazilian corn. He noted US yields were slightly better than forecast but still hurt by drought, and that China bought US grain for reserves.
Rising South American supply and eroding US competitiveness reduce demand for US grain exports, weighing on US corn and soybean prices.
hpj.comDavid MurrayDec 1, 2023After 683 past bearish trade events, Corn moved a median -0.2% over 5 sessions (47% higher; middle half -1.7% to +1.6%), and +0.3% 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.
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.
