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USDA set China's 2023-24 soybean imports at 100 million tonnes, up from 98 million in 2022-23 but only slightly above the prior record of 99.7 million from 2020-21. The forecast points to a slowing rise in Chinese soy demand even as the global crop is seen much larger than in 2016-17.
Slower import growth from China reduces demand for Brazilian soybeans and weighs on soybean prices. It also raises doubts about how much Brazil's crop expansion can be absorbed.
reuters.comKaren BraunJun 2, 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.
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.
