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S&P Global sources forecast China's soybean demand in marketing year 2023-24 to fall year on year as hog supply cuts are expected in early 2024. Private consultancies project imports below the USDA's 102 million tonne estimate.
Expected lower Chinese soybean imports and softer meal demand would pressure soybean prices, with USDA import forecasts possibly too high.
spglobal.comJan 2, 2024After 803 past bearish trade events, SOY moved a median +0.0% over 5 sessions (51% higher; middle half -1.7% to +1.7%), and +0.9% over 20.
After 384 past bearish trade events, SBM moved a median -0.2% over 5 sessions (47% higher; middle half -1.7% to +1.6%), and -0.5% 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.
