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China has been buying U.S. corn and soybeans at record or near-record pace in early 2023 while other import buyers have been quieter than usual. Shipments to China in January reached 5.7 million tonnes, a record for the month, and U.S. soy shipments to China continued strongly in February.
Strong Chinese demand absorbs U.S. corn and soybean supplies that would otherwise go to other buyers, supporting U.S. export basis and futures prices.
reuters.comKaren BraunMar 10, 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.
After 696 past bullish trade events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.3% to +1.9%), 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.
