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Brazil, the world's largest soybean exporter, announced a surprise tax change that is prompting Chinese buyers to purchase US soybeans. USDA data show Chinese importers bought at least 208,000 tons since the announcement, the first such flash sales since January.
Shifting Chinese demand toward US beans supports US soybean prices and export flows, while the Brazilian tax change alters relative export costs.
bloomberg.comTarso VelosoJun 11, 2024After 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.
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.
