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US soybean prices are on pace for their best monthly performance since 2016, with futures rising about 8% in December. Chinese Vice-Premier Liu He was set to lead a delegation to Washington to sign the first phase of a trade deal that includes a pledge to buy as much as $50 billion in US farm goods.
Broader commodities also gained on weather problems and a weaker dollar.
Anticipated Chinese purchases and a weaker dollar support soybean and meal prices, which lifts feed input costs for buyers.
farmprogress.comBloombergDec 30, 2019After 696 past bullish trade events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.3% to +1.9%), and +0.7% over 20.
After 342 past bullish trade events, Soybean Meal moved a median +0.1% over 5 sessions (51% higher; middle half -1.1% to +2.6%), and +0.6% over 20.
After 39 past bearish trade events, US Dollar (Broad) moved a median -0.4% over 5 sessions (26% higher; middle half -1.1% to +0.0%), and -0.8% 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.
