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Corn futures fell 6.25 cents, or 1.3%, in the week after the December WASDE. USDA raised US corn exports by 25 million bushels, reducing ending stocks to 2.131 billion bushels.
Brazil's weather outlook also improved, and prices have traded sideways since the report.
Improved Brazilian weather and large US carryout weigh on corn prices, though firm export demand and seasonal strength offer some support.
grains.orgDec 14, 2023After 1,102 past bearish report events, Corn moved a median -0.2% over 5 sessions (47% higher; middle half -1.8% to +1.3%), 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.
