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As of Oct. 12, China had bought just under 10 million tons of US soybeans for the 2023-24 marketing year.
That is the lowest volume for the date outside the 2018 and 2019 trade-war years since 2008. Signed agreements do not guarantee that the sales will be carried out.
Weak forward buying by the largest importer leaves US soybean export demand under pressure. Unless the signed deals convert into shipments, prices face continued downside.
reuters.comKaren BraunOct 25, 2023After 803 past bearish trade events, Soybeans moved a median +0.0% over 5 sessions (51% higher; middle half -1.7% to +1.7%), and +0.9% over 20.
After 224 past neutral trade events, Soybean Meal moved a median -0.2% over 5 sessions (43% higher; middle half -1.7% to +1.2%), and -0.2% 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.
