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China bought a record 32 million bushels of US sorghum in the first week of August, according to USDA, with 809,886 tonnes sold in total. Sales for the 2020-21 marketing year accounted for 527,500 tonnes of that total.
Chinese corn prices are high and strong demand for sorghum imports continues.
This is the largest weekly sorghum sale on record and absorbs roughly 9 percent of projected US production, supporting US sorghum basis and prices. Sustained buying would reduce exportable supplies into the fall harvest.
world-grain.comHolly Demaree-SaddlerAug 17, 2020Not enough comparable past events yet for a historical read.
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.
