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US soybean stocks rose 45% year on year to 11.9 million tonnes as Chinese buyers stayed away, pulling prices down to levels where tariffs no longer deter buyers. CBOT November soybeans rose 1.5% to a six-week high of $8.57 a bushel after the NAFTA replacement deal, and US Gulf soybean freight hit $47 per tonne.
Record-high US stocks and China's absence weigh on soybean prices, while the freight rise adds cost to exports and the price reset may draw Chinese buyers back.
freightwaves.comFreightWaves StaffOct 2, 2018After 788 past bearish report events, Soybeans moved a median -0.3% over 5 sessions (47% higher; middle half -2.0% to +1.5%), and -0.9% 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.
