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China, the largest soybean importer, has ramped up orders for Brazilian soybean cargoes after meeting an initial US purchase target. Importers booked at least 25 cargoes for March and April loading.
The shift is toward cheaper Brazilian beans.
Chinese buying concentrated in Brazil reduces demand for US soybeans in the spring, bearish for US soybean exports and prices while supporting Brazilian basis.
After 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.