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US Agriculture Secretary Tom Vilsack acknowledged a nearly 20% drop in US corn exports to China, which he attributed to China buying cheaper Brazilian corn. USDA also launched a $1.2 billion, five-year Regional Agricultural Promotion Program to diversify export markets.
Lost Chinese corn demand to Brazil reduces US export outlets and weighs on US corn prices, though the new promotion program has no immediate supply effect.
feedandgrain.comFeed, Grain StaffDec 4, 2023After 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.
