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Private exporters confirmed sales of 396,000 metric tons of soybeans to China, split evenly between old and new crop. USDA lowered old-crop soybean sales and raised old-crop ending stocks by 100 million bushels, while new-crop carryout was pegged at 405 million bushels.
Chinese corn purchases are also expected.
Chinese buying combined with tighter U.S. soybean ending stocks supports soybean and corn prices, though USDA's lower export sales offset some of the strength.
iowaagribusinessradionetwork.comStaff EditorMay 13, 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.
