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Soybean futures for January delivery rose about 1.1% at the CME after Presidents Trump and Xi agreed over dinner at the G-20 summit to hold off on new tariffs for 90 days. The White House said China will buy a substantial but unspecified amount of US agricultural, energy and industrial products, starting immediately.
The purchase pledge raises expectations of renewed Chinese demand for US soybeans, which had been absent since China's 25% tariff took effect. Buyers should expect firmer US soybean and meal prices while the size and timing of purchases remain unclear.
cnbc.comFred ImbertDec 3, 2018
reuters.comKarl PlumeDec 13, 2018After 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 342 past bullish trade events, Soybean Meal moved a median +0.1% over 5 sessions (51% higher; middle half -1.1% to +2.6%), and +0.6% 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.
