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Reuters reports China faces a soybean oversupply as record purchases build stockpiles while animal feed demand stays subdued. Soyoil and soymeal prices are expected to fall further, and the surplus may curb Chinese imports for September-December, the peak U.S. export season.
Weak Chinese crush margins and reduced import appetite pressure soybean and meal prices, which were already near four-year lows, and could weigh on U.S. export demand.
agriculture.comReutersJul 19, 2024Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
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.
China soybean glut and subdued feed demand imply weaker import demand in peak US export season, bearish for soybeans and meal.
