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Chinese importers bought about 10 cargoes, roughly 600,000 metric tons, of US soybeans for shipment between December and March, the largest single-day US soybean purchase in at least three months, according to traders. The sales offered a hopeful sign for a US export season where overseas sales had fallen well behind pace.
Large new export sales to China tighten near-term US soybean supply and support futures and cash bids. The buying is still small relative to the season's shortfall, so the price effect may be limited.
reuters.comKarl PlumeNov 7, 2023After 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.
