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Rabobank projects Chinese soybean oil consumption to fall 7% year on year in H1 2020 to 3 million mt, and soybean meal consumption to fall 4% to 13 million mt. The drop is attributed to coronavirus disruption of supply chains, foodservice demand, and poultry production.
Lower Chinese crush demand reduces soybean meal feed demand and soybean imports, weighing on soy complex prices.
spglobal.comAsim AnandFeb 28, 2020After 167 past bearish disease events, Soybean Meal moved a median -0.6% over 5 sessions (40% higher; middle half -1.8% to +1.4%), and -0.8% over 20.
After 13 past disease events, Soybean Oil moved a median -0.3% over 5 sessions (38% higher; middle half -2.3% to +1.2%), and -4.6% over 20.
After 50 past bearish disease events, Soybeans moved a median +0.5% over 5 sessions (58% higher; middle half -1.7% to +2.4%), and +0.0% 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.
