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China's soybean imports in September fell 13.5% from August, according to customs data released Monday. The drop is attributed to African swine fever shrinking the pig herd and reducing demand for soymeal.
Official data showed the pig herd down 38.7% year on year in August, with industry believing the true decline is larger.
Lower Chinese soybean and soymeal demand from a shrinking hog herd is bearish for soybean and soymeal prices, as China is the largest importer and feed demand is structurally reduced.
reuters.comOct 14, 2019After 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.
