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Chinese state-owned firms have been asked to resume buying US soybeans, but crushers and traders say purchases are unprofitable given high US prices and ample Brazilian stocks. China's soybean stockpiles rose to 7.01 million tonnes and soymeal inventory is near a nine-month high.
Uncertain Chinese buying of US beans with large existing stocks limits upside for US soybeans and meal, while Brazilian supply remains the cheaper alternative.
esmmagazine.comSteve Wynne-JonesMay 25, 2018After 250 past neutral trade events, Soybeans moved a median +0.0% over 5 sessions (50% higher; middle half -1.4% to +1.6%), and -0.2% 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.
