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Dalian soybean meal futures January contract closed at 3153, up 80, after opening sharply higher on Friday. The move followed a strong rise in US soybean meal and a US September supply and demand report that was largely in line with expectations.
China is accelerating purchases of US soybeans.
Higher US soymeal and Chinese buying support domestic meal prices and the global protein complex. Traders will watch fund positioning and US-China trade relations for further direction.
sunsirs.comSep 21, 2020Not enough comparable past events yet for a historical read.
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.
Dalian meal made new highs following a strong rise in US meal, showing the move was global and demand-driven by Chinese purchases.
