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USDA reported a 756,000 metric ton corn sale to China for the week ending March 19, plus 252,000 tons to unknown destinations widely expected to be China. Total 2019/20 US corn sales to China exceed 817,000 tons, which would surpass marketing-year exports of the last seven years if realized.
Sizable Chinese corn commitments underpin US export demand, and China typically buys more over summer as its domestic supplies tighten. This supports US corn prices.
grains.orgApr 2, 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.
Not enough comparable past events yet for a historical read.
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.
