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The December WASDE left the 2019/20 U.S. corn balance sheet unchanged, while USDA raised Chinese corn production to 260 MMT and cut crops in Australia and Canada. World corn ending stocks rose 4.6 MMT to 300.56 MMT, but excluding China they fell 1.17 MMT.
Eight percent of the U.S. corn crop was still unharvested.
Unchanged U.S. balances leave corn steady, but lower Australian and Canadian output and weaker ex-China stocks are mildly supportive for prices.
grains.orgDec 12, 2019grains.orgDec 12, 2019grains.orgDec 12, 2019Not enough comparable past events yet for a historical read.
After 770 past neutral report events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.1% to +1.6%), and +0.7% 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.
