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Bunge's CEO said China has essentially stopped buying US soybeans, sourcing instead from Canada and mostly Brazil, after China announced planned tariffs on US soybean shipments last month. Traders had hoped relations would ease in the interim.
Loss of China as a buyer of US beans shifts export flows to South America and pressures US soybean prices.
agribusinessglobal.comMatt HopkinsMay 2, 2018After 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.
