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A Chinese agriculture ministry official said there is no lasting corn shortage despite recent price surges. He blamed speculators betting on short-term shortages and said the price rise was reasonable given typhoon-related harvest costs.
The Dalian January contract reached its highest level since its 2004 launch.
Official reassurance and a good harvest outlook could cool speculative buying in China's corn futures. Lower Chinese corn prices would ease import pressure on global feed grain markets.
caixinglobal.comHuang Shulun, Du Caicai, Luo MeihanOct 23, 2020After 439 past neutral policy events, CORN moved a median +0.1% over 5 sessions (51% higher; middle half -1.3% to +1.2%), and +1.1% 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.
