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Some Chinese buyers have canceled U.S. corn purchases and switched to Ukrainian supply as Beijing tightens controls on processing genetically modified corn. Tougher permits for grain mills to process GMO corn this year pushed traders toward non-GMO Ukrainian cargoes.
Ukraine supplied about two-thirds of China's 2.83 million tonnes of corn imports last year, with the U.S. about a quarter.
Lost Chinese demand for U.S. corn shifts export flows toward Ukraine and weighs on U.S. corn export prices. Feed buyers may see wider origin spreads as Chinese demand rotates away from the U.S.
reuters.comHallie GuFeb 9, 2018After 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.
