Loading…
China's Ministry of Agriculture and Rural Affairs cut its forecast for soybean imports in the crop year starting October 1 to 93.85 million tonnes, down 1.8 million tonnes or 2% from the prior month's estimate. The reduction was included in its monthly crop report.
A lower Chinese import forecast signals weaker soybean meal demand from the largest buyer, which is bearish for soybeans and soybean meal prices and could weigh on crush margins.
reuters.comJul 12, 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.
After 399 past bearish report events, Soybean Meal moved a median -0.4% over 5 sessions (44% higher; middle half -2.4% to +1.2%), and -1.0% 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.
