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China placed orders for over 3.35 million metric tons of U.S. corn between March 10 and March 30, taking advantage of lower U.S. prices. U.S. net corn export sales were on the high side of the average range last week.
China had not yet booked any 2023/24 U.S. corn.
Opportunistic Chinese buying supports U.S. corn export demand and prices, and it reflects concern about South American supply this summer. The absence of new-crop bookings limits that support.
mckeany-flavell.comBarbara BrodnitzApr 20, 2023After 729 past bullish trade events, Corn moved a median +0.4% over 5 sessions (56% higher; middle half -1.1% to +1.8%), and +0.5% 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.
