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Sales of U.S. soybeans, cotton, pork, corn, sorghum and wheat to China are stronger than a year ago. Iowa State's CARD think tank predicts China will import only $18.6 billion of U.S. farm products in 2020 against a $36.5 billion Phase One target.
The USDA is due to update its export estimate.
Improving Chinese purchases of grains support U.S. corn, sorghum and wheat prices, but a projected large shortfall limits the upside.
agriculture.comMay 27, 2020After 696 past bullish trade events, SOY moved a median +0.3% over 5 sessions (54% higher; middle half -1.3% to +1.9%), and +0.7% over 20.
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.
Not enough comparable past events yet for a historical read.
After 431 past bullish trade events, WHEAT 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.
