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The U.S. Grains Council weekly report says corn prices came under selling pressure from the big supply outlook, with May futures nearing 2017 lows before recovering. USDA export sales were 58 million bushels net for the week, well above projected needs, and China bought three cargoes of PNW corn.
USDA also sold 4.7 million bushels of corn to Mexico, and a weaker dollar helped exports.
Strong export sales and new Chinese and Mexican purchases tighten the near-term corn balance and support prices, even with ample global supply. Buyers should watch whether export demand keeps pace with the surplus.
grains.orgMar 16, 2017grains.orgMar 16, 2017Not enough comparable past events yet for a historical read.
After 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.
After 45 past bullish trade events, US Dollar (Broad) moved a median -0.0% over 5 sessions (42% higher; middle half -0.3% to +0.4%), 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.
