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A USDA Foreign Agricultural Service report forecasts China's 2023-24 corn output at 280 million tonnes, up from 277.2 million, with consumption at 305 million tonnes. Imports are estimated at 20 million tonnes, 2 million above the prior estimate.
Higher Chinese output reduces import needs, but a higher import estimate and rising feed use offset part of that, leaving the net effect on world corn prices small.
ukragroconsult.comJul 10, 2023After 770 past neutral report 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.
