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A 271.6-tonne shipment of Russian soybeans arrived at Manzhouli Port in Inner Mongolia, the first through the New Land Grain Corridor. Officials expect roughly 8 million tonnes of Russian grain, including soybeans, to arrive there annually as China diversifies away from US supply.
Diversification toward Russian supply modestly reduces China's reliance on US and Brazilian soybeans. The current volumes are too small to move global prices much.
en.interaffairs.ruJun 14, 2023After 250 past neutral trade events, Soybeans moved a median +0.0% over 5 sessions (50% higher; middle half -1.4% to +1.6%), 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.
