Loading…
USDA's Foreign Agricultural Service projects China will import 84 million tons of soybeans this marketing year and 86 million next year. Growth is driven by rebuilding hog and sow herds after African swine fever, which lifts crush demand and soybean meal use.
Vegetable oil demand is expected to grow more slowly due to COVID-19 foodservice disruption.
Strong projected Chinese soybean imports support soybean and soymeal prices, while slower vegetable oil demand weighs on soybean oil.
brownfieldagnews.comMar 19, 2020After 747 past bullish report events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.1%), and +0.8% over 20.
After 414 past bullish report events, Soybean Meal moved a median -0.1% over 5 sessions (48% higher; middle half -2.1% to +2.3%), and +0.3% over 20.
After 146 past bearish report events, Soybean Oil moved a median -0.0% over 5 sessions (49% higher; middle half -1.8% to +1.9%), and +0.4% 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.
