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A Reuters column reports that U.S. soybean shipments to China have dried up to historically low levels. Global financial and commodity markets were plunging amid the coronavirus outbreak.
Soybeans also swung sharply higher on uncertainty over whether the virus would further delay Brazilian cargoes.
Weak U.S. export sales to China remove a key source of demand for U.S. soybeans, pressuring domestic prices. Doubts about Brazilian shipment timing add offsetting support, so the net effect on soybean prices is uncertain.
reuters.comKaren BraunMar 17, 2020After 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.
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.
