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USDA daily reports showed new export sales of 552,000 tonnes of soybeans to China, including 390,000 tonnes for the 2020/21 year. Weekly data also showed China buying wheat and corn at marketing-year highs for the new crop.
Continued Chinese buying across soybeans, wheat and corn supports export demand and new-crop prices. The pace of sales is the key signal for the grain complex.
agri-pulse.comSteve Davies, Ben Nuelle, Bill TomsonJul 17, 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 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 431 past bullish trade events, Wheat (SRW) moved a median +0.0% over 5 sessions (50% higher; middle half -1.3% to +2.1%), and +0.5% 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.
