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Brazil's ethanol prices rose on expectations of a gasoline tax increase. China's July CASDE slightly raised its corn yield and production estimates and cut its 2016/17 corn import forecast to 800,000 tonnes.
Chinese state reserves sold 2014-crop corn at about 1,492 yuan/MT on July 14.
A lower Chinese corn import estimate reduces demand for world corn exports, which is mildly bearish for corn. Higher Brazilian ethanol prices can support corn-based ethanol margins.
grains.orgJul 20, 2017Not 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.
