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A USDA Foreign Agricultural Service report from Beijing raised China's 2023/24 corn production by 4.2% after heavy rain and forecast corn imports at a conservative 20 million tonnes. It also trimmed wheat output and said sorghum imports would rise only slightly.
Lower projected Chinese corn imports reduce import demand for global corn and sorghum, which is bearish for those feed grains.
ukragroconsult.comJan 26, 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.
Not enough comparable past events yet for a historical read.
After 406 past neutral report events, Wheat (SRW) moved a median -0.2% over 5 sessions (47% higher; middle half -1.6% to +1.5%), and +0.0% 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.
