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Soybean prices fell over the last few sessions as Chinese crushers reduced purchases of US beans and COVID-19 resurgence in Europe and the Americas weighed on sentiment. CBOT January futures dropped 2.63% and the SOYBEX CFR China assessment fell $10/mt to $489.98/mt, though China's bookings for US beans were already largely placed through January.
A slowdown in Chinese purchases of US soybeans reduces near-term export demand and pressures soybean and soybean meal prices. Strong earlier buying and new Brazilian supply offer some support.
spglobal.comOct 29, 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.
