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Traders said Chinese buyers have made few large wheat and corn purchases for months, due to low domestic prices and record harvests. China has stockpiled grain and restricted some foreign supplies, while Turkey suspended grain imports for four months.
Weaker Chinese import demand for wheat and corn pressures global prices and could hit exporters in the US, Europe and Australia, while feed grain costs remain soft.
ukragroconsult.comJun 13, 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.
After 375 past bearish trade events, Wheat (SRW) moved a median -0.2% over 5 sessions (47% higher; middle half -2.0% to +1.1%), and -0.1% 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.
