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March corn futures were down 1.25 cents per bushel from the prior Friday as fresh fundamental news was limited. The December WASDE left US corn yields and harvested area unchanged, but cut ethanol use by 50 million bushels, lifting US 2018/19 ending stocks by 45 million bushels.
World ending stocks rose 0.4 percent to 308.8 MMT.
Higher US corn ending stocks and a larger world stock base add bearish pressure on corn prices, and the range-bound market suggests limited near-term direction.
grains.orgDec 13, 2018grains.orgDec 13, 2018Not enough comparable past events yet for a historical read.
After 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.
