Loading…
China imported 99.72 million tonnes of wheat, rice and corn from January to November 2020, up 29.6% year on year, as hog recovery drove feed demand and imported grain priced well below domestic costs. Officials are discussing extra corn import permits, and COFCO projects corn imports could more than double to 17 million tonnes in 2020-21.
Rising Chinese grain import demand, especially for corn feed, supports global corn, wheat and rice prices and lifts export demand.
caixinglobal.comHuang Shulun, Denise JiaDec 9, 2020After 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.
After 189 past bullish trade events, Rough Rice moved a median +0.2% over 5 sessions (52% higher; middle half -1.7% to +2.4%), and +1.0% 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.
