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USTR Lighthizer said China had bought about $10 billion of US farm goods against a $36.5 billion phase one target. Analyst Seth Meyer says actual shipments are closer to $7.5 billion and that sales are moving counter-seasonally higher.
Analyst Kevin Van Trump expects China to stretch its purchases to the end of the year.
Purchases pushed into the fourth quarter could support US soybean prices and export demand later in 2020, but the timing and shortfall create price uncertainty. Outstanding sales can still be canceled.
proag.comJun 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 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.
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.
