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JCI reported China's weekly soybean crush fell 6% to about 2.1 million tonnes, while port meal stocks rose to 920,000 tonnes. July soymeal exports were 83,000 tonnes, well below the level needed to meet USDA's 1.25 million tonne export forecast.
Rising Chinese port meal stocks and weak export pace signal softer near-term Chinese meal demand, which is bearish for soymeal and soybean import needs.
feedandgrain.comKevin McNewAug 26, 2021After 384 past bearish trade events, Soybean Meal moved a median -0.2% over 5 sessions (47% higher; middle half -1.7% to +1.6%), and -0.5% over 20.
After 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.
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.
