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Reuters reported that China is expected to stockpile up to 7 million tonnes of U.S. soybeans bought during the trade truce, diverting outstanding cargoes into state reserves. China bought about 14 million tonnes of U.S. soybeans from December under the truce.
Diverting cargoes into reserves keeps Chinese demand for U.S. soybeans firm even without commercial crushing, which supports U.S. soybean prices and export demand. Shipments would still be uncertain while the trade dispute continues.
reuters.comHallie GuJun 4, 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 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.
