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Chinese soybean oil futures fell for a third session on January 30, 2024, with the May contract down 3.8% to a seven-month low of $1,003.79 per ton. The most-active soymeal contract fell for a fourth session to $410.21 per ton, its lowest since mid-July 2023.
Demand slowed after Spring Festival stockpiling ended and animal feed demand declined.
Lower Chinese crush and feed demand reduces import pull for soybeans and meal, while rising Argentine production expectations add supply. These factors pressure global soymeal and soyoil prices.
ukragroconsult.comJan 31, 2024
chemanalyst.comGabreilla FigueroaJan 30, 2024After 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.
After 152 past bearish trade events, Soybean Oil moved a median -0.2% over 5 sessions (47% higher; middle half -2.1% to +2.1%), and -0.1% 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.
