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U.S. corn futures edged higher on March 16 after USDA confirmed sales of 1.156 million tonnes of corn to China, the largest since January. The sales followed one of the strongest weeks of corn export inspections on record.
Soybeans and wheat were mixed, with South American weather also in focus.
Confirmed Chinese purchases and strong export inspections tighten U.S. corn supplies, supporting nearby prices and export demand.
agweb.comReutersMar 17, 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 250 past neutral trade events, Soybeans moved a median +0.0% over 5 sessions (50% higher; middle half -1.4% to +1.6%), and -0.2% 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.
USDA confirmed 1.156 mt sale to China, the largest since January, lifting corn futures and starting the rally.
USDA-confirmed 1.156 MMT of corn sales to China, the largest since January, boosted export demand and drove the preceding rally that set up the volatile move.
