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March corn rose to a new high of 5.55-3/4 overnight and December reached 4.50 as old-crop contracts led the complex higher. Export commitments are running well ahead of last year, and analysts see carryout shrinking toward 1.052 billion bushels versus USDA's estimate near 1.552 billion.
A tighter projected US corn carryout supports prices, raising feed corn costs for buyers; the upcoming USDA report could confirm or revise the tightening.
totalfarmmarketing.comMatthew StrelowFeb 1, 2021After 1,040 past bullish report events, Corn moved a median +0.5% over 5 sessions (62% higher; middle half -0.9% to +2.0%), and +0.8% over 20.
After 747 past bullish report events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.1%), and +0.8% 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.
Corn hit new highs as export commitments ran well ahead of last year and analysts expected carryout to shrink, which reflects the tightening balance sheet behind the rally, though it is dated just after the window.
