
China's customs data showed its September imports of U.S. sorghum fell 80% and U.S. soybean imports dropped to 132,248 tonnes from 937,000 a year earlier. Brazil supplied 95% of China's 8.01 million tonnes of soybean imports that month.
China's shift to Brazilian beans and away from U.S. sorghum, corn and soybeans removes a key export outlet for U.S. feed grains and oilseeds. That pressures U.S. prices and widens the basis discount.
After 803 past bearish trade events, Soybeans moved a median +0.0% over 5 sessions (51% higher; middle half -1.7% to +1.7%), and +0.9% over 20.
After 683 past bearish trade events, Corn moved a median -0.2% over 5 sessions (47% higher; middle half -1.7% to +1.6%), and +0.3% 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.