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Reuters reports the U.S. is nearing the loss of its corn export leadership to Brazil as China's purchases of U.S. corn fell after prior years of robust bookings. Brazil shipped over 1 million tonnes of corn to China in the prior month and is on track for a similar volume.
Shifting Chinese corn buying toward Brazil reduces U.S. export demand, bearish for U.S. corn, while overall Chinese import intent remains supportive for global feed grain prices.
reuters.comKaren BraunJan 18, 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.
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.
