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China's soybean buying has dried up while trade talks continue, with only 156,000 bushels of new purchases reported in the latest week. Total new sales of 6.7 million bushels fell far short of the roughly 15 million bushels per week needed to meet USDA's export forecast.
China also made no new sorghum purchases and cancelled some pork orders.
A shortfall in Chinese demand leaves U.S. soybean exports behind forecast and keeps pressure on soybean and meal prices. Buyers should watch whether a trade deal restores the weekly buying pace.
feedstuffs.comBryce KnorrMar 28, 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 384 past bearish trade events, Soybean Meal moved a median -0.2% over 5 sessions (47% higher; middle half -1.7% to +1.6%), and -0.5% over 20.
Not enough comparable past events yet for a historical read.
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.
