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Nigerian feed producers suspended maize and sorghum purchases from farmers, and prices subsequently fell about 21% in Kano and Yobe markets as hoarders released stock. Food inflation in Nigeria is high, and the article notes further declines are expected.
The local price drop reflects a temporary demand withdrawal in Nigeria's feed sector, a regional rather than global price driver for these grains.
businessday.ngJosephine Okojie-OkeiyiFeb 19, 2024Not enough comparable past events yet for a historical read.
After 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.
