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Soybean and soymeal futures rose on speculation about a Harris victory in the US election, which could boost trade with China. USDA data showed 327,061 tonnes of US soybean export inspections, bringing cumulative exports to 42.4 million tonnes, short of last year's pace.
About 68% of US soybeans were rated good to excellent.
Stronger soymeal and soybean prices support canola and other oilseed meals through correlation, while slower US export pace and political trade expectations shape near-term demand.
zmp.deJul 23, 2024After 342 past bullish trade events, SBM moved a median +0.1% over 5 sessions (51% higher; middle half -1.1% to +2.6%), and +0.6% over 20.
After 696 past bullish trade events, SOY moved a median +0.3% over 5 sessions (54% higher; middle half -1.3% to +1.9%), and +0.7% over 20.
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.
