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USTR and USDA released a report on implementation of the agricultural provisions of the U.S.-China Phase One agreement. It says China has implemented at least 50 of 57 technical commitments and has bought over $23 billion in U.S. farm goods, about 71% of its target, with record corn and strong soybean sales for 2021.
Confirmed Chinese purchase pace and record sales support demand for US corn, soybeans and sorghum, which is supportive for feed grain and meal prices.
ustr.govOct 23, 2020After 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.
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.
Not enough comparable past events yet for a historical read.
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.
