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Cereal and oilseed imports to China are expected to stay near record highs this year despite Beijing's cancellation or postponement of about one million tonnes of Australian wheat and roughly 500,000 tonnes of US wheat. Australian wheat and barley imports in January and February nearly quadrupled from a year earlier.
Strong Chinese purchases support global grain and oilseed prices, and lower world prices are drawing buyers back despite the cancellations. Demand from the largest importer keeps prices for corn, soybeans and wheat firmer.
producer.comReuters News ServiceApr 4, 2024After 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.
After 431 past bullish trade events, Wheat (SRW) moved a median +0.0% over 5 sessions (50% higher; middle half -1.3% to +2.1%), 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.
