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USDA's Foreign Agricultural Service raised its estimate of Mexico's 2018-19 corn production to 26.85 million tonnes, still below 27.56 million a year earlier. The agency also raised 2018-19 consumption to 44.1 million tonnes and cut the import estimate to 17.2 million tonnes.
A lower import estimate for Mexico reduces expected demand for US corn, a modestly bearish signal for corn export prices, though the change is small.
world-grain.comSusan ReidyJul 23, 2019After 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.
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.
