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USDA weekly export sales for the week ending October 31 showed sorghum sales at a new marketing-year high, with China leading soybean buying. Soybean exports rose sharply week over week and topped pre-report expectations.
Net pork sales to China fell 45% on the week, and China cancelled 2,000 tons of 2020 pork delivery.
Robust sorghum and soybean sales to China support US prices, while disappointing pork demand from China is a bearish signal for hog markets. The sorghum and soybean sales pace underpins export demand into the new crop year.
brownfieldagnews.comNov 7, 2019Not enough comparable past events yet for a historical read.
After 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 123 past bearish trade events, Lean Hogs moved a median -0.4% over 5 sessions (43% higher; middle half -2.9% to +2.0%), and -0.2% 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.
