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China has bought up to 700,000 tons of mainly U.S. corn in the past month and is expected to step up purchases as buyers seek cheap imports. The EPA finalized 2018-2019 biofuel volumes at 19.29 billion gallons, including 15 billion gallons of conventional biofuel, mostly corn-based ethanol, but did not raise biodiesel levels.
Renewed Chinese corn buying supports U.S. export demand, while the EPA's ethanol volumes underpin domestic corn use and could firm corn prices; biodiesel unchanged keeps soybean oil demand flat.
aginfo.netDec 1, 2017After 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 81 past neutral trade events, Soybean Oil moved a median +0.3% over 5 sessions (56% higher; middle half -1.6% to +1.8%), and +0.9% 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.
