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StoneX analysis of the USDA May WASDE found China's 2022/23 soybean area should rise while corn production stays steady. USDA expects Chinese soybean imports to recover to 99 million tonnes and total Chinese corn imports to fall to 18 million tonnes from the 2020/21 peak.
Recovering Chinese soybean imports support soybean demand, while lower corn import expectations reduce Chinese demand for foreign corn, so the net effect on prices is mixed.
stonex.comStoneX Intelligence BrazilMay 23, 2022After 563 past neutral report events, Soybeans moved a median -0.1% over 5 sessions (48% higher; middle half -1.7% to +1.6%), and -0.1% over 20.
After 770 past neutral report 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.
