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The USDA said China bought 765,000 tonnes of U.S. corn for shipment in the current marketing year and 600,000 tonnes for the following year. The sale was China's largest single-day corn purchase in 25 and a half years, and China also bought wheat.
Large single-day Chinese purchases of corn and wheat tighten U.S. old-crop supplies and lift export demand. Prices are likely to firm while buying continues.
reuters.comJul 10, 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.
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.
