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China is anticipated to import over 100 million tonnes of soybeans in 2020, according to a COFCO trader cited by Reuters. Around 92.6 million tonnes are forecast to be crushed this year, and soymeal demand is expected to stay strong as the swine herd rebounds to about 90% of normal.
Record Chinese import demand tightens global soybean supply and supports soybean and soymeal prices. Strong crush demand keeps soymeal well bid.
world-grain.comHolly Demaree-SaddlerDec 22, 2020After 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 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.
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.
