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Nixal reports the January WASDE raised US corn ending stocks by 47m bu and lowered global corn stocks by 2.5m tonnes. Brazil's Agroconsult and Conab both cut first-crop corn production forecasts on dry weather.
Corn and wheat fell in all regions after the report.
Lower Brazilian output tightens export supply, but higher US stocks cap prices, so feed grain costs are mixed. The net effect is limited upside unless South American losses deepen.
czapp.comAlberto CarmonaJan 18, 2022After 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 1,006 past bearish report events, WHEAT moved a median +0.0% over 5 sessions (50% higher; middle half -1.6% to +1.8%), and +0.3% 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.
