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Chicago corn futures held near a 7.5-year high after the USDA confirmed three sales of US corn to China totaling 3.74 million tonnes. Soybeans and wheat were also firm, supported by Chinese demand and worries about the South American crop.
Argentina's soybean estimate was trimmed on hot weather.
Large Chinese purchases are tightening US supplies ahead of an uncertain South American harvest, which supports corn, soybean and wheat prices. Feed buyers face higher input costs while these export sales continue.
financialpost.comReutersJan 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 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 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.
