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China's soybean meal, soybean oil and palm oil prices rose after the May Day holiday, then fell back sharply in early May. April soybean imports reached 7.448 million tons, pushing January-April imports up 16.8% year on year.
Traders expect downstream supply pressure on meal and oil to rise.
Heavier import flows add domestic supply of meal and oil, which weighs on Chinese meal and oil prices. Palm oil is also under pressure from the same correction.
sunsirs.comMay 11, 2021After 384 past bearish trade events, Soybean Meal moved a median -0.2% over 5 sessions (47% higher; middle half -1.7% to +1.6%), and -0.5% over 20.
After 152 past bearish trade events, Soybean Oil moved a median -0.2% over 5 sessions (47% higher; middle half -2.1% to +2.1%), and -0.1% over 20.
After 158 past bearish trade events, Palm Oil moved a median +0.0% over 5 sessions (51% higher; middle half -1.3% to +0.8%), and -1.4% 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.
Record April Chinese soybean imports and expected downstream supply pressure on meal and oil pushed Chinese meal prices back down, which weighed on sentiment.
