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U.S. soybean futures rose to their highest in nearly four weeks on strong demand from China, the world's top soybean buyer. The USDA said private exporters sold 381,000 metric tons of soybeans to China for 2016/17 delivery, and corn and wheat posted mild gains on short-covering.
Confirmed Chinese purchases tighten nearby U.S. export supply and support soybean prices despite expectations of a record U.S. harvest. Corn and wheat gains were technical and small, so their price support is limited.
agweek.comMark Weinraub/ReutersAug 18, 2016After 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.
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.
