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American Farm Bureau chief economist John Newton said China likely bought a record amount of U.S. agricultural products in 2020, with over 6 million tonnes of corn and 31 million tonnes of soybeans bought for 2021 marketing year. He said Chinese buying has reduced U.S. stocks and pushed corn near $5.30 and soybeans near $13.50.
Chinese buying has drawn down U.S. stocks and lifted corn and soybean prices sharply, a supportive factor for feed costs.
texasfarmbureau.orgJulie TomascikFeb 1, 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 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.
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.
