The dollar strengthened after CPI data as traders awaited USDA’s November Crop Production and WASDE reports. Corn futures were little changed to modestly higher, while USDA reported a 312,700-tonne corn sale to Mexico and said 81% of the U.S. corn crop had been harvested.
Analysts expected a small cut to the corn yield estimate and a modest decline in ending stocks.
A stronger dollar can make U.S. exports less competitive, while the reported sale to Mexico supports demand. The market’s focus on the upcoming USDA estimates leaves prices sensitive to any supply revision.
After 2,356 past bullish macro events, US Dollar (Broad) moved a median +0.2% over 5 sessions (60% higher; middle half -0.3% to +0.7%), and +0.4% over 20.
After 78 past neutral macro events, Corn moved a median +0.3% over 5 sessions (55% higher; middle half -1.1% to +1.6%), and -0.6% 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.