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US Agriculture Secretary Tom Vilsack suggested China is favoring Brazilian corn and soybeans partly in retaliation for US restrictions on foreign ownership of farmland. He pointed to Arkansas forcing a Sinochem-controlled seed company to sell farmland and said US purchases by China were down about $6 billion year over year.
If Chinese buyers are shifting purchases from US to Brazilian corn and soybeans for political reasons, US export demand weakens and Brazilian supply gains share.
farmprogress.comBloombergApr 10, 2024After 803 past bearish trade events, Soybeans moved a median +0.0% over 5 sessions (51% higher; middle half -1.7% to +1.7%), and +0.9% over 20.
After 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.
