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China is ending its corn stockpiling program and working to cut a state reserve that peaked near 250 million tonnes. Rabobank expects a further surplus of about 30 million tonnes in 2016-17 and plans to reduce corn acreage by 9% by 2020.
Large state inventories being liquidated and acreage shifting toward soybeans weigh on China's corn import needs and domestic prices, supporting a bearish outlook for corn and a relatively firmer view for soybeans.
world-grain.comArvin DonleyMar 17, 2017After 310 past bearish policy events, Corn moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +1.9%), and +0.6% over 20.
After 356 past bullish policy events, Soybeans moved a median +0.1% over 5 sessions (53% higher; middle half -1.2% to +2.3%), and -0.9% 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.
