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Chinese buyers are inquiring about US corn and sorghum after purchasing 756,000 metric tons of corn, the most since 2003. US corn prices have fallen more than 10% from their March high as coronavirus reduces gasoline demand and the oil price war deepens, and ethanol margins are negative.
Cheap US corn and sorghum relative to domestic Chinese supply could draw more export demand and support prices, while weak ethanol margins are a bearish offset for domestic feed-grain demand.
agweek.comBloombergMar 25, 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.
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.
