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The USDA's October report cut its Black Sea grain forecasts. Ukraine's corn crop was lowered 1 MMT to 38 MMT on weak harvest yields, and Russia's corn and barley estimates were also reduced.
Kazakhstan's wheat crop was trimmed 0.5 MMT, leaving the regional grain crop 1.3% lower at 201.9 MMT.
Smaller Black Sea corn and barley supplies tighten export availability for feed buyers and support prices for these grains. The lower wheat estimate adds modest upward pressure.
ukragroconsult.comOct 19, 2021After 1,040 past bullish report events, Corn moved a median +0.5% over 5 sessions (62% higher; middle half -0.9% to +2.0%), and +0.8% over 20.
Not enough comparable past events yet for a historical read.
After 769 past bullish report events, Wheat (SRW) moved a median +0.2% over 5 sessions (53% higher; middle half -1.4% to +2.0%), 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.
