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The U.S. Grains Council market perspectives note reports Conab raising Brazil's 2018 corn forecast to 88.6 MMT and domestic ethanol corn use rising to 3.75 MMT. It also notes Chinese tariffs could push Brazilian corn sales to Iran, Egypt and Japan toward U.S. suppliers, while China is auctioning aged state corn and Russian barley was grounded in the Bosporus.
A larger Brazilian crop and redirected Brazilian export flows could ease corn export competition and soften U.S. corn prices, while Chinese tariffs shift demand toward U.S. supply.
grains.orgApr 12, 2018grains.orgApr 12, 2018grains.orgApr 12, 2018Not enough comparable past events yet for a historical read.
After 683 past bearish trade events, Corn moved a median -0.2% over 5 sessions (47% higher; middle half -1.7% to +1.6%), and +0.3% over 20.
After 224 past neutral trade events, Soybean Meal moved a median -0.2% over 5 sessions (43% higher; middle half -1.7% to +1.2%), and -0.2% 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.
