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China unexpectedly cut interest rates due to slow GDP growth and a prolonged property market slump. Soybeans fell nearly 70 cents, and crude oil, palm oil, sunflower and canola also declined.
US soybean conditions slipped 1% in the latest crop report.
The rate cut signals weak Chinese demand and fuels doubts about import growth for oilseeds. The resulting risk-off selling lowers prices across vegetable oils and meals into the North American harvest.
stonex.comCraig TurnerAug 16, 2022After 273 past bearish macro events, Soybeans moved a median -0.4% over 5 sessions (44% higher; middle half -2.4% to +1.4%), and -0.5% over 20.
After 51 past bearish macro events, Palm Oil moved a median -1.3% over 5 sessions (35% higher; middle half -4.1% to +1.1%), and -1.8% over 20.
Not enough comparable past events yet for a historical read.
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.
