Loading…
A Chinese delegation signed agreements to buy 12.53 million tons of US soybeans and 371 tons of US beef and pork, valued at $5.01 billion. The beef purchase followed China's lifting of a 14-year ban on US beef.
The soybean deal covers nearly all of Iowa's annual crop, about 10% of total US soybean exports.
A purchase of this size absorbs a large share of US export supply and supports soybean futures and basis. Buyers should expect firmer US soybean and meal prices while the commitment is shipped.
globaltimes.cnGlobal TimesJul 16, 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.
