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China bought 1.937 million metric tonnes of U.S. corn in a single sale, its largest ever, after an earlier July record of 1.762 million tonnes. Bloomberg analysts noted that accelerated purchases still may not be enough to reach the $36.5 billion U.S. farm goods target.
Large Chinese corn bookings support U.S. export demand and feed grain prices. The gap to the purchase target means further buying is likely, which keeps the price outlook supportive.
farmpolicynews.illinois.eduKeith GoodAug 2, 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.
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.
