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Chinese state and private grain buyers, including Sinograin and COFCO International, signed 11 agreements with ADM, Bunge and Cargill at a forum in Iowa. The US Soybean Export Council announced the signings.
The ceremony was the first formal contract signing for US farm goods since the trade dispute.
The deals with major state buyers add to expected US export sales, which supports soybean and corn prices. The size of the deals is still uncertain, so the effect is modest.
bloomberg.comMichael Hirtzer, Tarso VelosoOct 24, 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.
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.
