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U.S. and Chinese negotiators met in Washington, and Agriculture Secretary Sonny Perdue said China committed to buy an additional 10 million metric tons of U.S. soybeans. President Trump said he would delay the scheduled March 1 tariff increase, citing progress in talks.
A leaders' meeting was planned to finalize a broader agreement.
A 10-million-tonne commitment is a large addition to export demand and supports U.S. soybean prices. Delaying the tariff increase lowers the risk of a renewed trade shock to soybean and meal markets.
wisfarmer.comFeb 25, 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 342 past bullish trade events, Soybean Meal moved a median +0.1% over 5 sessions (51% higher; middle half -1.1% to +2.6%), and +0.6% 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.
