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Trump said he and Xi agreed at the G-20 summit in Osaka to hold off on new tariffs and to restart trade negotiations. Trump also suggested the US would reverse its ban on American companies selling products to Huawei.
Avoiding new tariffs lowers the risk of further cuts to Chinese purchases of U.S. soybeans and other farm goods, supporting U.S. soy prices. Negotiations are still unresolved, so the bullish effect depends on a lasting deal.
cnbc.comEverett RosenfeldJun 29, 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 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.
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.
