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The USDA announced $2.3 billion in Commodity Credit Corporation funds. About $1.3 billion will go to a Regional Agricultural Promotion Program and specialty crop export support, and $1 billion will buy U.S. commodities for international food aid.
The announcement was made at the World Food Prize Borlaug Dialogue in Des Moines.
Government purchases of surplus commodities for food aid and export promotion can support U.S. export demand at the margin. The overall price effect is likely modest given the size relative to total exports.
usda.govOct 24, 2023After 1,982 past trade events, Corn moved a median +0.1% over 5 sessions (52% higher; middle half -1.3% to +1.6%), and +0.4% over 20.
After 1,802 past trade events, Soybeans moved a median +0.1% over 5 sessions (52% higher; middle half -1.5% to +1.7%), and +0.7% over 20.
After 1,079 past trade events, Wheat (SRW) moved a median -0.0% over 5 sessions (49% higher; middle half -1.6% to +1.7%), and +0.2% 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.
