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The CEPM weekly corn report says July corn delivery prices were stable at $126/t from 8 to 15 May. US planting was 67% complete on 10 May against a 56% five-year average.
The USDA May report raised 2019/20 exports by 1 Mt, cut ethanol use by 2 Mt, and projected a record 406 Mt US crop for 2020/21 with stocks at 84 Mt.
A record US crop projection and fast planting add supply pressure. Lower ethanol demand is a bearish factor, although oil's recovery above $30 a barrel provides some support.
maizeurop.comCEPMMay 19, 2020After 1,102 past bearish report events, Corn moved a median -0.2% over 5 sessions (47% higher; middle half -1.8% to +1.3%), and +0.0% 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.
