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India will reportedly allow imports of up to 1.5 million tonnes of foreign soybean meal at a 16.5% basic customs duty, according to a USDA Foreign Agricultural Service report. Indian buyers have begun contracting meal from Bangladesh, Vietnam and US transshipments, with domestic prices at unprecedented highs.
Large Indian import demand for soybean meal supports global meal prices, particularly from Argentina and the US, and will tighten export availability for feed buyers.
world-grain.comSusan ReidyAug 17, 2021After 342 past bullish trade events, Soybean Meal moved a median +0.1% over 5 sessions (51% higher; middle half -1.1% to +2.6%), and +0.6% over 20.
After 696 past bullish trade events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.3% to +1.9%), and +0.7% 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.
