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Weekly U.S. soybean export sales and shipments were weak as China's tariffs continue to hit bookings, with sales running nearly 30% below year-ago levels. Soybean futures jumped over 15 cents after Trump said he had a long call with Xi ahead of the G-20 meeting.
Tariff-driven loss of China demand weighs on soybean and meal export values, while hopes of a trade deal provide intermittent support.
farmprogress.comBryce Knorr 1 Senior Market Analyst, Farm FuturesNov 1, 2018After 1,079 past trade events, Wheat (SRW) moved a median -0.0% over 5 sessions (49% higher; middle half -1.6% to +1.7%), and +0.2% over 20.
After 683 past bearish trade events, Corn moved a median -0.2% over 5 sessions (47% higher; middle half -1.7% to +1.6%), and +0.3% over 20.
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.
Futures jumped over 15 cents after Trump's call with Xi ahead of the G20, consistent with a trade-optimism rally, but the timing is just after Oct 31.
