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China dropped its anti-dumping probe into U.S. sorghum imports, ending a dispute that had disrupted global grain trade. Chinese Vice Premier Liu He was in Washington for talks aimed at resolving broader US-China trade tensions.
CBOT wheat surged about 4% on dry U.S. Plains forecasts, while corn gained 1.6%.
Easing of the sorghum duties restores a feed-grain export outlet and lifts sorghum and corn demand expectations. Hopes for a wider trade settlement support soybean and feed-grain prices.
cnbc.comMark WeinraubMay 18, 2018Not 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 696 past bullish trade events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.3% to +1.9%), and +0.7% 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.
