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US soybean, corn and wheat futures rose on April 23 as recent steep declines drew bargain buying and short-covering. Reuters sources said China plans to add about 10 million tonnes of soybeans, 20 million tonnes of corn and 1 million tonnes of cotton to state reserves.
Reported Chinese state stockpile purchases of up to 30 million tonnes would add meaningful export demand for US grains and support prices.
grainews.caGFM Network NewsApr 23, 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.
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.
