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Brazil has produced a record soybean crop this year, but its shipments to China are running behind last year's pace. China has also cancelled more than 800,000 tonnes of US corn orders as buyers wait for cheaper supplies later in the year.
Plentiful Chinese wheat and cheaper Brazilian supply give China alternatives to US corn and soybeans, pressuring US export prices and Brazilian soybean premiums.
reuters.comDominique PattonMay 24, 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.
After 375 past bearish trade events, Wheat (SRW) moved a median -0.2% over 5 sessions (47% higher; middle half -2.0% to +1.1%), and -0.1% 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.
