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Oil prices plunged on Friday after China announced new tariffs on $75 billion of American goods, including a 5% levy on US crude. Soybean futures in Chicago fell about 1%, and WTI dropped more than 3%.
Fed Chair Powell's Jackson Hole speech highlighted trade policy uncertainty.
New Chinese tariffs on US soybeans and pork weaken export demand and pressure soybean and meal prices, while the crude levy and slowdown fears pressure energy.
oilprice.comNick CunninghamAug 25, 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 80 past bearish trade events, Crude Oil (WTI) moved a median -2.2% over 5 sessions (30% higher; middle half -6.9% to +0.8%), and -1.5% over 20.
After 123 past bearish trade events, Lean Hogs moved a median -0.4% over 5 sessions (43% higher; middle half -2.9% to +2.0%), and -0.2% 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.
