China's grain imports rose 32% in 2023 to 27.13 million tons of corn, near the 2021 record, with much of it Brazilian. Domestic corn prices hit three-year lows and local soybean meal prices also fell to three-year lows.
Heavy import inflows and weak domestic prices reduce China's near-term demand for U.S. and other exported corn and meal, pressuring global feed grain prices.
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.
After 384 past bearish trade events, Soybean Meal moved a median -0.2% over 5 sessions (47% higher; middle half -1.7% to +1.6%), and -0.5% over 20.
After 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.
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.