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Reuters reports that China's state buyers purchased at least eight cargoes of U.S. soybeans after new-crop futures fell nearly 7%, the lowest since March. The article also notes China has booked record U.S. corn and sorghum volumes while domestic corn prices hit historic highs, and drought concerns are growing.
Chinese buying on the price break and drought worries support U.S. soybean and feed grain prices, though the purchases may be a reaction to an earlier price slump rather than a new cause.
farmpolicynews.illinois.eduKeith GoodJun 20, 2021After 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.
After 729 past bullish trade events, Corn moved a median +0.4% over 5 sessions (56% higher; middle half -1.1% to +1.8%), and +0.5% over 20.
Not enough comparable past events yet for a historical read.
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.
