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USDA export sales data showed China bought 1.608 million tonnes of U.S. soybeans and 1.137 million tonnes of corn in the week ended Sept. 3.
China is ramping up U.S. corn imports as it faces its first real corn shortfall in years.
Sustained Chinese buying of U.S. soybeans and corn tightens export supplies and supports U.S. futures and feed grain prices. The corn shortfall suggests China's demand for imported feed grain will remain firm.
reuters.comMark WeinraubSep 11, 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.
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.
