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Canadian cattle ranchers are buying US corn as a cheaper substitute for domestic feed barley, whose prices have soared. The shift follows a drought-driven change in trade flows last year that made Canada one of the biggest buyers of US Midwest corn.
Strong Canadian demand for US corn supports Midwest corn export prices, while expensive barley keeps feed substitution demand firm across the grain complex.
bloomberg.comJen Skerritt, Michael HirtzerNov 15, 2022After 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.
Not enough comparable past events yet for a historical read.
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.
