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China's sorghum imports nearly tripled year on year in May as feed buyers shifted away from pricier corn and wheat. Rice imports for feed nearly doubled, while total grain imports were roughly flat year on year.
Strong Chinese sorghum buying, mostly from the US, supports export demand and prices for sorghum. Substitution away from corn reflects high corn and wheat prices.
yicaiglobal.comShao HaipengJun 22, 2022Not 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.
After 375 past bearish trade events, Wheat (SRW) moved a median -0.2% over 5 sessions (47% higher; middle half -2.0% to +1.1%), and -0.1% over 20.
After 189 past bullish trade events, Rough Rice moved a median +0.2% over 5 sessions (52% higher; middle half -1.7% to +2.4%), and +1.0% 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.
