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A USDA-related market perspectives report lists country news including Refinitiv cutting Argentina's 2020/21 corn forecast to 44.5 MMT on dryness. Safras raised Brazil's corn harvest estimate to 116.4 MMT, and China faces an ethanol shortage affecting corn demand.
Argentine dryness and Brazilian safrinha delays tighten global corn supply, while Chinese corn demand remains strong, supporting corn prices.
grains.orgNov 5, 2020grains.orgNov 5, 2020grains.orgNov 5, 2020Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
After 1,465 past bullish weather events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.4% to +1.9%), and +0.9% over 20.
After 453 past bullish weather events, Soybean Meal moved a median +0.5% over 5 sessions (55% higher; middle half -1.6% to +2.7%), and +0.5% 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.
