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The USDA attache in Beijing cut its 2018/19 China soybean import estimate 9.5% to 85 million mt, citing feed protein reductions and African swine fever. Soybean crush is projected to fall to 85 million mt and soymeal feed use to 66.6 million mt.
A sharp cut in Chinese import and crush forecasts reduces global soybean and soymeal demand, which is bearish for prices.
farmingportal.co.zaNov 8, 2018After 788 past bearish report events, SOY moved a median -0.3% over 5 sessions (47% higher; middle half -2.0% to +1.5%), and -0.9% over 20.
After 399 past bearish report events, SBM moved a median -0.4% over 5 sessions (44% higher; middle half -2.4% to +1.2%), and -1.0% over 20.
Not enough comparable past events yet for a historical read.
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.
