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A USDA Foreign Agricultural Service attaché report projects China's soybean imports will reach a record 86 million metric tons in 2016/17, driven by poultry and swine feed demand. Imports of DDGS are forecast lower after China's anti-dumping duties, which is expected to lift demand for soybean meal.
A Chinese buyers' delegation signed contracts for 5.1 million tons (about $2.1 billion) of US soybeans, but the volume was smaller than in prior years.
Record Chinese soybean import demand supports soybean and meal prices, while substitution away from DDGS toward soymeal tightens meal supply. Smaller US contract volumes and growing South American competition may cap US export sales outside the November-April window.
foodnavigator.comAerin Einstein-CurtisNov 2, 2016After 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.
After 342 past bullish trade events, Soybean Meal moved a median +0.1% over 5 sessions (51% higher; middle half -1.1% to +2.6%), and +0.6% over 20.
Not enough comparable past events yet for a historical read.
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.
