Loading…
USDA's private exporter announcement on April 24 showed 327,000 mt of U.S. corn sold to China for 2022-23 delivery had been canceled. Platts assessed Corn CFR North East Asia at $286.50/mt on April 25, its lowest since March 2021.
CBOT corn futures also fell.
Cancelled Chinese purchases remove export demand and push U.S. and Asian corn prices lower. Cheaper Brazilian corn is a competing source that may draw Chinese buyers away from U.S. supply.
datamarnews.comGabriel MalheirosApr 27, 2023
spglobal.comApr 25, 2023Not enough comparable past events yet for a historical read.
After 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.
