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China is reducing purchases of U.S. soybeans, prompting Argentina to push for access to its soymeal market. A Rosario Board of Trade delegation is promoting Argentine products in China, and Chinese inspectors are reviewing soymeal quality before approving imports.
Argentina's 2018-19 soybean crop rebounded 48% to 55.9 million tons.
Approval of Argentine soymeal would add a major new supplier to China's feed demand, increasing competition for Brazilian and US meal and pressuring soymeal export prices.
dtnpf.comLin TanAug 30, 2019After 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.
After 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.
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.
