Loading…
Soybeans finished the week with strong gains in the most active months despite mixed daily trade. China bought 126,000 tons of new-crop US beans, extending a run of daily sales to eight business days.
A planned US-China virtual meeting on the Phase One deal was reportedly postponed, and a derecho damaged crops in Iowa and Illinois.
Continued Chinese purchases and derecho losses that could reduce the USDA crop estimate support soybean prices, though postponed trade talks add some uncertainty.
brownfieldagnews.comAug 14, 2020After 696 past bullish trade events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.3% to +1.9%), and +0.7% over 20.
After 729 past bullish trade events, Corn moved a median +0.4% over 5 sessions (56% higher; middle half -1.1% to +1.8%), and +0.5% over 20.
After 224 past neutral trade events, Soybean Meal moved a median -0.2% over 5 sessions (43% higher; middle half -1.7% to +1.2%), and -0.2% 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.
Weekly gains driven by eight straight days of Chinese new-crop purchases and derecho crop damage in Iowa and Illinois, supporting soybean complex and meal on the close of the week ending Aug 14.
