Loading…
USDA's January reports cut the corn yield by 3.8 bpa and lowered September 1 corn stocks by 76 million bushels. StoneX's Arlan Suderman says corn is now competing with soybeans for speculative money.
Russia also nearly doubled its wheat export tax.
A tighter corn balance sheet combined with the Russian wheat export tax raises the cost of feed grains and wheat. Corn and wheat are now exposed to the same speculative flows as soybeans.
agweb.comTyne MorganJan 15, 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 747 past bullish report events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.1%), and +0.8% 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.
