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The National Grain and Oils Information Center estimates China will import 2 million tonnes of corn in 2016/17, down 37% from the previous year. Domestic corn prices have fallen to near import parity, removing the import advantage, and USDA had estimated 3 million tonnes.
Lower Chinese corn imports reduce global demand for US and other exported corn, which is bearish for corn export prices.
customstoday.mediaCT ReportJan 16, 2017After 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.
