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Low U.S. corn export demand pushed March corn futures to $148.4/t on Friday, with U.S. corn exports down 22 percent on the week. Season-to-date sales were 14.6 million tonnes versus 25.5 million a year earlier, and Ukraine has been expanding corn exports.
Weak U.S. export competitiveness against Ukrainian and Brazilian corn keeps U.S. corn prices under pressure, while Ukrainian export strength supports Black Sea corn values.
graintrade.com.uaDec 9, 2019After 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.
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.
Weak US corn export demand (sales sharply below last year, weekly exports down 22%) pressured March corn futures right before the Dec 9 drop.
