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S&P Global Platts says COVID-19 outbreaks at meat packing plants have reduced demand for dried distillers grains, cutting corn feed use. The May WASDE projects 2020/21 US corn exports rising 375 million bushels to 2,150 million, and food, seed and industrial use rising 245 million bushels to 6.6 billion.
Weaker DDGS demand from reduced meat processing lowers feed corn use. Higher projected exports and FSI use partly offset this, so the net effect on corn prices is mixed.
agriculture.comMay 26, 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.
