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China's exports and imports shrank at their steepest pace in at least 2.5 years. Weak global and domestic demand, COVID-related production disruptions and a property slump weighed on trade.
The report signals a sharp slowdown in the world's second-biggest economy.
Lower Chinese import volumes reduce demand for soybeans and other feed ingredients, which is bearish for prices. A prolonged slump would weigh on feed demand from the largest importer.
reuters.comDec 7, 2022After 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 683 past bearish trade events, Corn moved a median -0.2% over 5 sessions (47% higher; middle half -1.7% to +1.6%), and +0.3% 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.
