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China is ramping up imports of Brazilian corn, replacing more expensive U.S. grain. Four vessels loaded with Brazilian corn are en route to China, with five more expected to sail soon.
Total Brazilian corn shipments to China could pass 1 million tons for the year.
Shifting Chinese demand to Brazil reduces U.S. corn export sales and weighs on U.S. corn prices. Brazil's export competitiveness supports its share of the global corn trade.
bloomberg.comTarso Veloso, Michael HirtzerDec 5, 2022After 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.
