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Bloomberg reports China bought an unprecedented 11.2 million tonnes of U.S. corn this season and nearly 30 million tonnes of U.S. soybeans, the most for this point in the season since 1991. China accounts for about 80% of U.S. sorghum sales, and U.S. farm profits are at a seven-year high.
Heavy Chinese reliance on U.S. feed grains and soybeans supports U.S. prices, but the article warns geopolitical shocks could quickly cut that demand.
farmprogress.comBloombergDec 8, 2020After 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 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.
Not enough comparable past events yet for a historical read.
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.
