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Leaders of major US commodity groups at Commodity Classic discussed trade, biofuels and the coming season. Soybean purchases by China have been nearly non-existent since the February 15 implementation, and the sorghum industry reported more than 444,000 tonnes of sales to China and unknown buyers.
Stalled Chinese soybean buying is bearish for soybean demand, while sorghum sales offer some offsetting support.
agweek.comMichelle RookMar 9, 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.
Not enough comparable past events yet for a historical read.
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.
