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A USDA Agricultural Attaché report forecasts Argentina's 2020/21 corn crop at 47.0 million tonnes, 0.5 million below USDA's official figure due to drought damage, and corn consumption at 14.4 million tonnes. Argentine corn exports are projected at 34.0 million tonnes and wheat exports at 11.3 million tonnes, 0.7 million lower than the last USDA estimate.
NOAA also now projects La Niña to intensify from late April through July.
Lower Argentine corn and wheat supplies tighten global exportable supply, and a stronger La Niña points to further dryness risk, both of which support prices.
feedandgrain.comKevin McNewJan 26, 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 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.
