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US farmers plan to plant what could be their third-largest soybean crop ever despite roughly 900 million bushels from last year still in storage. Chinese tariffs have nearly halted US soybean sales to China, which previously bought about $12 billion a year.
Sorghum has also been affected by the trade dispute.
Large unsold stocks combined with a larger planted area point to ample US supply and weak cash prices unless China buying resumes. Sorghum demand for feed is also pressured by the trade dispute.
nst.com.myReutersMar 14, 2019
reuters.comMark WeinraubMar 20, 2019After 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.
After 384 past bearish trade events, Soybean Meal moved a median -0.2% over 5 sessions (47% higher; middle half -1.7% to +1.6%), and -0.5% 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.
