
USDA announced nearly 4 million metric tons of corn sales to China in a single week, on top of 5 million tons shipped in January and February. Chinese soybean purchases are running at their highest level since 1991 as the hog herd rebuilds and China draws down corn stockpiles.
Sustained Chinese demand for U.S. corn and soybeans supports export basis and futures, while South American weather adds to the upward pressure on feed grain prices.
After 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.
After 342 past bullish trade events, Soybean Meal moved a median +0.1% over 5 sessions (51% higher; middle half -1.1% to +2.6%), and +0.6% 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.