◂ Event Timeline

May 14, 2024REPORTChina

US and China at odds over corn import ideas after soy divergence

USDA pegged 2024-25 Chinese corn imports at 23 million metric tons, unchanged from 2023-24. China's agriculture ministry forecast imports at 13 million tons, a five-year low, down from 19.5 million in 2023-24.

WHY IT MATTERS

The sharp gap between the USDA and Chinese government outlooks creates uncertainty over China's corn demand, a key driver of global corn export prices. The lower Chinese forecast points to softer import demand.

AFFECTSCorn▼

SOURCE
reuters.comKaren BraunMay 14, 2024

Price reaction & history

Corn▼bearishSO FAR1d -0.6%5d +0.5%20d +4.8%

After 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.

Dec 21, 2022China reduces soybean and corn imports, says customs - DatamarNews+3.5%
Jan 26, 2024USDA attache sees China 2023/24 corn imports at 20 mln tons-0.9%
Feb 9, 2017China forecasts corn imports at decade low, spooking exporters+1.2%
Feb 12, 2025China's grain import dynamics shift as corn declines as rice rebounds | Feed & Grain+3.1%
Nov 9, 2022November USDA Report Increases Corn and Soybean Production+1.6%

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.

Corn CORN · GP ▸

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