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Soybeans and corn finished higher on commercial and technical buying after the US and China agreed to a 90-day ceasefire in the trade war, though no details were official. Soybean meal and oil followed beans higher, while meal was pressured by African Swine Fever in China.
The USMCA was signed at the G20 but still needs ratification.
The 90-day truce supports soybean prices by reducing the risk of lost Chinese demand. African Swine Fever in China is a bearish factor for soybean meal demand.
brownfieldagnews.comDec 3, 2018After 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 729 past bullish trade events, Corn moved a median +0.4% over 5 sessions (56% higher; middle half -1.1% to +1.8%), and +0.5% over 20.
After 224 past neutral trade events, Soybean Meal moved a median -0.2% over 5 sessions (43% higher; middle half -1.7% to +1.2%), 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.
Corn closed higher on commercial and technical buying after the 90-day US-China ceasefire, which supports the sentiment-driven rally on the day.
Corn closed higher on commercial and technical buying after the US-China 90-day ceasefire on Dec 3.
