Loading…
The USDA Beijing bureau expects China to import 94.0m tonnes of soybeans and 5.0m tonnes of palm oil in 2021-22, both above official USDA figures. China's palm oil imports had slumped 43% in the first eight months of the season.
For 2022-23, palm oil imports are projected at 6.90m tonnes, below USDA's 7.20m, as a larger domestic soybean harvest is expected.
Stronger-than-expected soybean buying supports soy demand, while a lower 2022-23 palm oil import outlook weighs on palm oil demand and prices.
grainpricenews.comMike VerdinJul 8, 2022After 747 past bullish report events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.1%), and +0.8% over 20.
After 96 past bearish report events, Palm Oil moved a median -0.1% over 5 sessions (48% higher; middle half -1.3% to +1.6%), 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.
