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Bloomberg reported that China made its biggest-ever purchase of U.S. corn, with exporters selling 1.762 million metric tons according to USDA. The deal follows an earlier 1.365 million tonne sale, and China is poised to meet or exceed its WTO corn import quota.
A record corn purchase that nears China's quota supports U.S. export prices in the near term. Beijing's new lower-tariff import permits suggest the buying can continue.
farmpolicynews.illinois.eduKeith GoodJul 14, 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 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.
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.
