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State-run Chinese buyers have purchased more than 20 cargoes, over 1 million metric tons, of U.S. soybeans in two weeks, using previously issued tariff waivers. Most cargoes are for Gulf of Mexico loading, with some for later in the fall.
China is accelerating soybean buying as Brazilian sales wane.
A large, rapid buying program tightens U.S. soybean export supplies and supports soybean prices, and the shift away from Brazilian beans may lift U.S. Gulf basis.
ttnews.comBloomberg NewsMay 12, 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.
