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Analysts said recent buying from China, Colombia and Mexico is supporting US grain prices after markets dropped to low levels. Rumors suggest China may buy US soybeans for shipment through January.
Hot, dry Corn Belt weather may also reduce the top end of the 2024 corn crop.
Export purchases from China and Latin America pull US supplies out of the market and support prices. Heat stress in the Corn Belt adds further upside risk to corn and soybeans.
agweek.comJenny SchlechtAug 30, 2024After 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.
