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The International Grains Council raised its 2023/24 global maize production forecast by 6 million tonnes to 1.208 billion tonnes, driven by a US upgrade to 381.8 million tonnes. It kept the world wheat forecast at 787 million tonnes and lowered Ukraine's corn outlook, while total grain stocks are projected to fall to their lowest since 2014/15.
A larger US crop and higher US export forecast add supply and pressure on corn prices, while falling global stocks provide underlying support. Lower Ukrainian output partially offsets the US gain.
tridge.comRosngApr 21, 2023After 1,102 past bearish report events, Corn moved a median -0.2% over 5 sessions (47% higher; middle half -1.8% to +1.3%), and +0.0% over 20.
After 406 past neutral report events, Wheat (SRW) moved a median -0.2% over 5 sessions (47% higher; middle half -1.6% to +1.5%), and +0.0% 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.
