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Soybean futures for November delivery rose as much as 1.6% after US export sales for the week ended August 22 came in at 2.47 million tons, beating analyst forecasts. Sales for the upcoming marketing year are the strongest since July 2023.
Stronger export demand and possible farmer storage support soybean prices, though low prices and expected Chinese buying ahead of the US election add uncertainty.
ajot.comBloombergAug 29, 2024After 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.
After 342 past bullish trade events, Soybean Meal moved a median +0.1% over 5 sessions (51% higher; middle half -1.1% to +2.6%), and +0.6% 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.
