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US Grains Council China director Bryan Lohmar told S&P Global Platts that China's surge in grain demand reflects structural change rather than a temporary shortage. China's corn imports reached 7.8 million mt in January-October, up 1,151% year on year, exceeding its 7.2 million mt tariff rate quota, while wheat and barley imports also rose sharply.
Structurally higher Chinese import demand supports global corn, wheat and barley prices and favors US exporters, as domestic stocks are depleted and US corn is competitively priced.
spglobal.comNov 26, 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.
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.
