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The September USDA report left Black Sea wheat balances unchanged, with Ukraine's barley crop raised 0.5 MMT to 10.5 MMT. Russia's corn crop and exports were cut by 1 MMT and 0.2 MMT on drought, and the regional grain crop fell 0.7% to 204.6 MMT.
Russian corn and barley cuts tighten Black Sea supply, supporting corn prices, while the unchanged wheat outlook leaves wheat prices neutral.
ukragroconsult.comSep 14, 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 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.
