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Chicago front-month soybean oil futures settled at 28.85 cents/lb on June 19, the lowest since November 2015, after China announced tariffs on US soybeans. The article notes soy products have fallen sharply as US-China trade rhetoric escalated.
Lower soyoil prices weaken the value of US crush and pressure soybean oil-linked feedstocks, while reduced Chinese demand for US soybeans pressures the broader soy complex.
naija247news.comJoshua ChinonyeJun 19, 2018After 152 past bearish trade events, Soybean Oil moved a median -0.2% over 5 sessions (47% higher; middle half -2.1% to +2.1%), and -0.1% 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.
China's tariff announcement on US soybeans and escalating US-China trade rhetoric pushed soy products to multi-year lows; the dated June 19 settlement falls after the June 18 move, but the tariff news likely began weighing on soyoil on June 18, so it is plausible but not certain.
