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CBOT grain and soybean futures eased on December 18 after a week of gains on the U.S.-China trade agreement. Traders doubted projections that Chinese purchases would reach $40-50 billion within two years.
Chinese importers bought at least two US soybean cargoes after a tariff-free quota round.
Doubts about the pace of Chinese buying cap the trade-deal rally, and Brazilian harvest arrivals next month may end China's large US purchases. This points to softer soybean and meal prices near term.
grainews.caGFM Network NewsDec 18, 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 375 past bearish trade events, Wheat (SRW) moved a median -0.2% over 5 sessions (47% higher; middle half -2.0% to +1.1%), and -0.1% over 20.
After 683 past bearish trade events, Corn moved a median -0.2% over 5 sessions (47% higher; middle half -1.7% to +1.6%), and +0.3% 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.
