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China is likely to import a record 6.7 million tons of palm oil in the year starting October, according to the China National Grain and Oils Information Center. Soybean oil prices are surging as bean supplies shrink from the trade war and African swine fever.
Strong Chinese palm oil demand as a substitute for soyoil supports palm prices, while tighter soybean supplies lift soyoil and reduce meal availability for feed.
bloomberg.comBloombergSep 1, 2019After 133 past bullish trade events, Palm Oil moved a median +0.7% over 5 sessions (64% higher; middle half -0.8% to +2.3%), and +1.7% over 20.
After 224 past bullish trade events, Soybean Oil moved a median +0.4% over 5 sessions (54% higher; middle half -1.5% to +2.1%), and -0.5% 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.
