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China has issued an additional 1.5 million tons of low-tariff tariff-rate quotas to state companies, bringing the 2020 total to about 6.3 million tons, mostly from the US and Ukraine. Beijing is close to meeting its WTO grain import obligation of 7.2 million tons under preferential rates.
Expanded low-tariff quotas make US and Ukrainian corn more competitive in China, supporting export demand. The effect is moderate given the quota remains a fraction of China's total imports.
news.bloomberglaw.comShuping NiuApr 30, 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.
