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CFR Asian corn prices fell $12.50 per tonne to $412.50 on March 15, the largest one-day drop on record. The decline followed a slump in freight rates and fears of an economic slowdown in China.
Coronavirus lockdowns in several Chinese cities, including Shenzhen and Shanghai, weighed on sentiment.
Weaker Chinese demand and lower freight costs push Asian corn import prices down, which reduces the import parity for buyers in the region. Lockdowns that curb industrial and feed demand in China add further downside pressure.
ukragroconsult.comMar 17, 2022After 301 past bearish macro events, Corn moved a median -0.1% over 5 sessions (47% higher; middle half -2.2% to +1.3%), and +0.2% 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.
