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USDA data for the week ending June 9 showed U.S. corn export inspections of 1.169 million mt, down week-on-week and year-on-year, with shipments mainly to Mexico and Japan. U.S. corn planting was complete, 93% emerged, and 61% of crops were rated good or excellent, down from 64% and below the 62% the market expected.
Brazil's corn exports were running about 18% lower per day than June 2022.
Lower U.S. export inspections and weaker Brazilian shipment pace point to softer export demand, while the drop in crop ratings adds yield concern. Net effect is mixed for corn prices.
tridge.comVictor LangatJun 23, 2023After 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.
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.
