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USDA reported 754,609 tonnes of US soybeans ready for shipment to China in early 2019, up from 25,347 tonnes in December. It also reported sales of 3.2 million tonnes to China on February 5 and 6, mostly for delivery before September 1.
BIMCO says the purchases support dry bulk tonne-mile demand as US-China talks approach the March 2 deadline.
Renewed Chinese buying of US soybeans supports US soybean prices and export demand. The added volume also lifts ocean freight demand for grain shipping.
marinelink.comMichelle HowardFeb 7, 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.
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.
