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Dalian soybean meal futures rose 3% in early trading, their biggest daily gain since June 2018. The move followed delayed US soybean sowing, which analysts said could limit US yields.
Continued US-China trade tensions also kept Chinese sentiment bullish.
Delayed US planting and reduced expected US supply tighten the global soybean meal market and support higher feed protein prices. Ongoing trade uncertainty adds to the upward pressure.
zmp.deMay 29, 2019After 453 past bullish weather events, Soybean Meal moved a median +0.5% over 5 sessions (55% higher; middle half -1.6% to +2.7%), and +0.5% over 20.
After 1,079 past bullish weather events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.0%), 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.
Dalian soymeal jumped 3% on May 29 on delayed US sowing and yield concerns, showing global meal/bean price pressure at the end of the window.
Dalian meal futures jumped 3% on delayed US sowing and trade tensions, reflecting the same bullish sentiment spilling into global meal prices on the final day.
