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USDA cut its 2020/21 Ukrainian corn export forecast by 1 MMT because shipments are slow, and raised Russian wheat exports by 0.5 MMT on more competitive domestic prices. Barley exports were raised for Ukraine and cut for Kazakhstan.
The Black Sea region's total grain export potential was revised down slightly to 101.36 MMT.
A higher Russian wheat export estimate adds supply to a market that is already competitive, which is bearish for wheat prices. The lower corn export figure modestly reduces Black Sea corn supply.
ukragroconsult.comApr 13, 2021After 1,006 past bearish report events, Wheat (SRW) moved a median +0.0% over 5 sessions (50% higher; middle half -1.6% to +1.8%), and +0.3% over 20.
After 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.
Not enough comparable past events yet for a historical read.
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.
