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China purchased more than 10 soybean cargoes from Brazil in the week to May 28, according to people familiar with the matter, while state-run buyers were absent from the US market on Wednesday. US Secretary of State Pompeo said the US could no longer certify Hong Kong's autonomy, and China's purchases of US farm goods are running well behind its 2020 pledge.
Heavy Chinese buying of Brazilian beans and the risk of retaliation over Hong Kong shift demand away from US soybeans, weighing on US prices and supporting Brazilian premiums.
ajot.comBloombergMay 28, 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 16 past bullish trade events, Brazilian Real (BRL per USD) moved a median -0.3% over 5 sessions (44% higher; middle half -1.4% to +1.9%), and +0.9% 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.
