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The U.S. Soybean Export Council signed a letter of intent with China's CFNA for 8 million tonnes of U.S. soybeans worth $3.4 billion on November 8. A separate 4 million tonne, $1.6 billion agreement between ADM and COFCO was signed on November 9, and total Chinese commitments for 2017/18 reached $11.57 billion.
Committed volumes of this size strengthen expected Chinese soybean import demand from the U.S. for 2017/18, which is supportive for soybean prices.
ussec.orgNov 13, 2017After 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.
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.
