
Customs data showed China's soybean imports from the United States fell to zero in November, the first time since the trade war began. China instead bought 5.07 million tonnes from Brazil, up more than 80 percent year on year.
Zero U.S. shipments in the usual harvest-season buying window shift soybean demand to Brazil and keep U.S. soy and meal prices weak until purchases resume.
After 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.
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.