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Corn futures fell from a seven-year high after the USDA trimmed its domestic ending-stock estimate by less than expected. The agency cut its current-season ending-stock outlook to 1.5 billion bushels following record Chinese buying.
A smaller-than-expected inventory cut removes some of the supply tightening that had lifted prices, so corn prices eased back from highs. Chinese demand remains the main support for the market.
bloomberg.comKim Chipman, Tatiana Freitas, Michael HirtzerFeb 8, 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.
