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China is using more corn in feed rations because wheat and sorghum prices are high and Chinese corn output is rising. The USDA FAS reports that Chinese mills' corn use has risen each month since July 2022.
China's contracts for U.S. corn are down 70%, and it is buying more Brazilian corn, which is about $23/t cheaper.
Higher Chinese corn feeding and lower imports from the U.S. cut demand for U.S. corn and reduce competition for Canadian feed barley, which weighs on barley prices.
ukragroconsult.comFeb 6, 2023Not enough comparable past events yet for a historical read.
After 480 past neutral trade 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.
