Loading…
China bought 1.206 million tonnes of US grain according to a March 20 USDA report, including 756,000 tonnes of corn, 340,000 tonnes of hard red winter wheat, and 110,000 tonnes of soybeans. The wheat purchase falls under China's 9.64 million metric ton tariff rate quota.
Large Chinese purchases of US corn and HRW wheat support export demand and prices, and the wheat purchase signals movement toward China's wheat TRQ commitments.
world-grain.comHolly Demaree-SaddlerMar 23, 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.
After 102 past bullish trade events, Wheat (HRW) moved a median 0.0% over 5 sessions (49% higher; middle half -2.0% to +3.5%), and -1.4% over 20.
After 696 past bullish trade events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.3% to +1.9%), and +0.7% 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.
