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A soybean farmer at Commodity Classic said markets have not moved much after China's latest verbal commitments to buy US soybeans. American Soybean Association director Ronnie Russell said the industry is working to develop new markets in North Africa, India, Southeast Asia, Japan and the EU.
Verbal purchase commitments without firm contracts have not lifted prices, so buyers should not expect a rally until actual Chinese buying shows up in export sales.
brownfieldagnews.comNicole HeslipMar 1, 2019After 250 past neutral trade events, Soybeans moved a median +0.0% over 5 sessions (50% higher; middle half -1.4% to +1.6%), 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.
