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Chinese importers bought about 360,000 tonnes of Brazilian soybeans for October-November delivery, which is unusual for this time of year. China also cancelled 328,000 tonnes of US soybean purchases, while US Gulf terminals were still recovering from Hurricane Ida.
Shifting Chinese demand to Brazil and US export disruption support soybean and soymeal prices, since Brazil must cover the gap.
bursacereale.comGate.BGSep 17, 2021After 696 past bullish trade events, SOY 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, SBM 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.
