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Hopefull Grain & Oil Group, a Hebei company, signed two agreements with ADM and Olam in Des Moines to buy $3 billion of US soybeans over three years. The company said it imported 3.06 million tons of US soybeans in 2022.
Hebei officials attended the signing.
The multi-year purchase supports US soybean export demand, but at about $1 billion a year it is small relative to China's total imports. Its price effect is limited.
global.chinadaily.com.cnMAY ZHOU in Des Moines, IowaOct 28, 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.
