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Argentina booked its largest purchase of U.S. soybeans in 20 years, buying 120,000 tonnes for delivery in the 2018-19 marketing season starting September 1. The purchase follows a drought that cut Argentina's harvest and left its crushers short of domestic beans.
Argentine crushers will turn to U.S. soybeans from October, adding export demand for U.S. beans that will be crushed into meal and oil. This supports U.S. soybean prices and tightens South American crush supply.
reuters.comMichael HirtzerApr 10, 2018After 696 past bullish trade events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.3% to +1.9%), and +0.7% over 20.
After 342 past bullish trade events, Soybean Meal moved a median +0.1% over 5 sessions (51% higher; middle half -1.1% to +2.6%), and +0.6% 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.
