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China imported 12.56 million metric tons of corn in the first eight months of 2024, down nearly 16% year on year. Its early-2024 lead over 2023 disappeared in May, and the deficit has widened since.
U.S. shipments have thinned since China cleared Brazilian corn for import in 2022.
Weaker Chinese purchases remove a major outlet for U.S. corn, adding pressure to U.S. export prices and basis. Brazilian competition for Chinese demand is likely to persist.
reuters.comKaren BraunSep 19, 2024After 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.
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.
