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China bought 20,000 metric tons of U.S. soybean oil, the biggest such deal since November 2016 and a rare purchase for the top soybean importer. Soybean oil futures rose as much as 1.5% in Chicago on the news.
A rare Chinese soyoil purchase supports US soybean oil prices and is tied to Phase One trade deal commitments, which may lift demand for US oilseed products.
ajot.comBloombergMay 14, 2020After 224 past bullish trade events, Soybean Oil moved a median +0.4% over 5 sessions (54% higher; middle half -1.5% to +2.1%), 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.
