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Soybeans closed lower on July 10 with contracts down 13 to 21 cents, and soymeal fell 90 cents to $6.10 per ton. USDA reported a private sale of 132,000 metric tons of new-crop soybeans to China, the first 2024/25 sale to that country.
A first new-crop China purchase is supportive for export demand, but it was not enough to offset broader bearish pressure on soybeans and meal.
zmp.deJul 11, 2024After 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 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.
Soymeal fell up to $6.10/ton on July 10 with soybeans lower, contributing to the weekly decline despite a supportive new-crop China sale.
