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China's Ministry of Agriculture and Rural Affairs published its 2024-2033 Agricultural Outlook Report, which projects production, consumption and trade. The report says 2023 soybean output hit a record and corn production rose 4.2% to 289 million tons.
Its projections point to a generally optimistic supply picture.
Higher projected domestic output of corn and soybeans implies lower future Chinese import needs, which is bearish for global corn and soybean export demand.
dcz-china.orgDr. Aihematijiang RouziApr 30, 2024After 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.
After 788 past bearish report events, Soybeans moved a median -0.3% over 5 sessions (47% higher; middle half -2.0% to +1.5%), and -0.9% 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.
