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USDA's December WASDE lowered world corn production by about 1 million tonnes to 1,143.56 million, with cuts in Argentina, the EU and Canada and a rise in Ukraine. Chinese corn import estimates were raised by 3.5 million tonnes to 16.5 million, and world exports were raised 1.2 million tonnes.
Higher Chinese import demand supports export prices, but the Ukrainian crop increase and a largely unchanged US balance sheet pressured futures to around $166/t. Feed buyers face a mixed picture for corn.
graintrade.com.uaDec 11, 2020After 770 past neutral report events, CORN moved a median +0.2% over 5 sessions (54% higher; middle half -1.1% to +1.6%), and +0.7% 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.
