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Chinese state-owned soybean companies bought large volumes of US Gulf soybean cargoes on June 15 for September to January shipment. Sources said Brazil's old-crop supply is mostly sold out, making US beans more price competitive.
Chinese buying of US beans for late-2020 delivery supports US soybean export demand and prices while Brazilian supply tightens.
spglobal.comJun 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.
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.
