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The national average corn basis was 22 cents under September futures, while the DTN National Corn Index fell 11 cents to $3.15. USDA reported a 1.365 million tonne corn sale to China, the largest daily sale in 26 years, and the September contract closed 11.5 cents lower after an earlier rally.
A record one-day sale to China signals strong export demand that supports corn values and may tighten US feed grain availability. Prices still faced selling pressure, so the bullish effect was partly reversed.
dtnpf.comMary KennedyJul 13, 2020After 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.
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.
