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China's April soybean imports fell 10% from a year earlier to 7.26 million tonnes, well below the 9 million tonnes traders expected. Stricter customs checks held cargoes at bonded warehouses for up to two weeks until quarantine permits were granted.
Delayed discharge slows crusher intake of soybeans and reduces near-term demand for meal, which weighs on soybean and meal prices. Importers may also need to restock later, which could support prices once the backlog clears.
ukragroconsult.comMay 11, 2023After 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.
