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China has begun selling part of its feed grain stockpile through state reserve auctions, which have seen high clearance rates this month. Nidera analysts forecast lower global corn output next season but see prices capped by strong South American harvests and record Argentine and Brazilian crops.
Chinese reserve sales add feed grain supply to the market and, together with large South American corn, pressure sorghum and corn values and US export pace.
farmonline.com.auPeter McMeekin, Nidera Australia Origination ManagerMay 30, 2017Not enough comparable past events yet for a historical read.
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.
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.
