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U.S. weekly export sales reached 985,900 MT, up 149% from the prior week, and corn exports hit a new marketing-year high of 2.119 MMT. Year-to-date bookings are 92% of USDA's 2020/21 corn export forecast, and sorghum sales also rose sharply.
Strong bookings reduce available old-crop corn and sorghum supplies, supporting cash and futures prices. Traders are cautious ahead of the March 31 USDA Grain Stocks and Prospective Plantings reports.
grains.orgMar 18, 2021grains.orgMar 18, 2021grains.orgMar 18, 2021After 729 past bullish trade events, CORN moved a median +0.4% over 5 sessions (56% higher; middle half -1.1% to +1.8%), and +0.5% over 20.
Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
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.
Weekly export sales were up 149% and corn exports hit a marketing-year high, which strengthened the demand narrative and pushed prices up.
