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Chicago corn was set for its biggest weekly gain since July after USDA cut its 2020/21 US corn production estimate below trade expectations and lowered ending stocks. The International Grains Council also cut its global grain production forecast, with corn down 13 million tonnes.
Soybeans and wheat also rose on the week.
A smaller US corn crop and lower global supplies tighten the balance sheet and support prices across corn, soybeans and wheat. Feed buyers should expect higher grain costs.
brecorder.comReutersJan 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.
