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Cereal and oilseed imports to China are expected to stay near record highs in 2024 despite cancellations of about 1 million t of Australian wheat and 500,000 t of US wheat. China's wheat imports from Australia nearly quadrupled in January and February from a year earlier.
Strong Chinese import demand supports global grain and oilseed prices even as individual cargo cancellations occur. Lower world prices are expected to encourage further buying.
ukragroconsult.comMar 26, 2024After 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 206 past neutral trade events, Wheat (SRW) moved a median +0.1% over 5 sessions (53% higher; middle half -1.3% to +1.6%), and +0.5% over 20.
After 480 past neutral trade events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.1% to +1.6%), and +0.7% 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.
