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Soybean prices on the CBOT have dropped since the US-China Phase 1 deal was signed, because the expected flood of Chinese orders has not appeared. Traders note Chinese buyers are favoring cheaper Brazilian beans during Brazil's harvest and typically buy US supplies in the fall.
Buyers should expect soybean and meal prices to stay soft until Chinese US purchases materialize, while Brazilian harvest pressure keeps the market capped.
manitobacooperator.caGlen HallickJan 31, 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 384 past bearish trade events, Soybean Meal moved a median -0.2% over 5 sessions (47% higher; middle half -1.7% to +1.6%), 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.
