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US corn and soybean exporters are competing with large Brazilian supplies. China has secured about 780,000 tons of US corn for 2023-24, compared with 3.4 million tons a year earlier.
The US corn sales pace implies the current export target cannot be met.
Heavy Brazilian supply and weak Chinese purchases of US corn point to lower US export demand and downward pressure on corn and soybean prices. Brazil's competitive position keeps world prices under pressure.
reuters.comKaren BraunOct 6, 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.
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.
