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Soybean prices rallied after China resumed purchases of U.S. soybeans, buying more than 1.5 million metric tons in the prior week and at least 716,000 tons in the current week, according to USDA data. These were among the largest purchases in over a year, ahead of trade talks in Washington.
Large Chinese purchases tighten U.S. export supplies and support soybean and soymeal prices, though the outcome of trade talks will determine whether the buying continues.
wsj.comKirk MaltaisOct 3, 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.
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.
