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Chicago maize prices rose sharply from April 16 to April 23, with May delivery up $28/t to $258/t, the highest in eight years. China cancelled a purchase of 120 kt of U.S. maize for 2020/21 and bought 500 kt of French wheat for feed, and Chinese authorities urged northern feed makers to cut maize use by 15%.
China cutting maize purchases and substituting wheat and by-products reduces export demand for U.S. corn, while tight global balances and Brazil weather fears support prices. Feed buyers should expect volatile prices with competing demand signals.
maizeurop.comCEPM
April 29 2021Apr 29, 2021After 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 431 past bullish trade events, Wheat (SRW) moved a median +0.0% over 5 sessions (50% higher; middle half -1.3% to +2.1%), and +0.5% 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.
