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CBOT January soybean futures opened above $9/bu for the first time since mid-October and reached $9.23/bu, the highest since August. The rally followed Xi's G-20 pledge to buy US farm products and a White House statement that the planned tariff increase from 10% to 25% on $200 billion of Chinese goods would be deferred.
Hopes that Chinese crushers will resume US purchases, if US beans are cheaper than Brazilian beans after duties, support US soybean prices. The pledge is non-binding, so the price gain depends on confirmed sales.
farmingportal.co.zaFarming PortalDec 5, 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.
