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Black Sea corn exports have rebounded strongly, and USDA data shows Russia and Ukraine producing a record 52.4 million tonnes in 2021/22 with exports near 35 million tonnes. Trade in the Black Sea Corn futures contract, which tracks Ukrainian export prices, has grown as hedging interest rises.
Large projected Black Sea corn supplies add competition for Americas corn in Asia and Europe, which is bearish for export corn values, though growing hedging adds price discovery for the region.
cmegroup.comJul 19, 2021After 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.
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.
