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StoneX reports that Pro Farmer's crop tour estimated US 2023/24 corn production at about 380 million tonnes, roughly 3.8 million tonnes below USDA's August estimate. Slow US export shipments and a comfortable balance sheet remained bearish factors, while hot, dry weather forecasts and Black Sea tensions were bullish.
The lower Pro Farmer estimate tightens US corn supply somewhat, but ample ending stocks keep the outlook balanced, so the net price effect is modest.
agcanada.comAGCanadaAug 30, 2023
stonex.comStoneX Intelligence BrazilAug 28, 2023After 144 past bearish report events, Live Cattle moved a median -0.1% over 5 sessions (49% higher; middle half -1.1% to +0.9%), and +0.5% over 20.
Not enough comparable past events yet for a historical read.
After 770 past neutral report events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.1% to +1.6%), and +0.7% over 20.
After 100 past bullish report events, Lean Hogs moved a median -0.2% over 5 sessions (49% higher; middle half -1.9% to +2.0%), and -0.4% 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.
