Loading…
U.S. corn futures rallied to their highest in a month after USDA projected stronger ethanol and export demand in its June WASDE. USDA also sharply cut its Brazilian corn harvest outlook, a move that followed CONAB's cut of nearly 10 million tonnes.
Soybeans were mixed and spring wheat rallied on drought concerns.
Stronger demand and a smaller Brazilian crop tighten global feed grain supply and lift corn prices. Feed buyers should expect higher corn costs.
theglobeandmail.comReutersJun 10, 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.
After 563 past neutral report events, Soybeans moved a median -0.1% over 5 sessions (48% higher; middle half -1.7% to +1.6%), and -0.1% over 20.
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.
