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CBOT soybeans fell on May 1 as renewed US-China trade tensions overshadowed USDA confirmed sales of 264,000 tonnes to China. President Trump said the Phase One deal was secondary to the coronavirus response and threatened new tariffs on Beijing, while corn and wheat also declined.
Threats to the Phase One deal raise the risk that Chinese purchases of US oilseeds and grains will slow, pressuring soybean and corn prices.
grainews.caGFM Network NewsMay 2, 2020After 803 past bearish trade events, Soybeans moved a median +0.0% over 5 sessions (51% higher; middle half -1.7% to +1.7%), and +0.9% over 20.
After 683 past bearish trade events, Corn moved a median -0.2% over 5 sessions (47% higher; middle half -1.7% to +1.6%), and +0.3% over 20.
After 375 past bearish trade events, Wheat (SRW) moved a median -0.2% over 5 sessions (47% higher; middle half -2.0% to +1.1%), and -0.1% 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.
