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An analysis cited by CRA says China's purchases of covered products through June were about 59% of its Phase One target for 2021, which totals $193.3 billion across manufactured, agricultural and energy goods. The update also notes the administration is keeping Section 232 steel tariffs and has paused new free trade agreements.
China's purchases running well behind the Phase One target point to weaker-than-committed ag demand, a bearish factor for US soybeans and corn if buying does not accelerate.
docslib.orgAug 17, 2021After 803 past bearish trade events, Soybeans moved a median +0.0% over 5 sessions (51% higher; middle half -1.7% to +1.7%), and +0.9% over 20.
After 683 past bearish trade events, Corn moved a median -0.2% over 5 sessions (47% higher; middle half -1.7% to +1.6%), and +0.3% 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.
