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Soybeans and soymeal rallied midday on May 2, with meal leading gains and soyoil firmer. Export sales showed 414,000 MT of beans sold for the week ending April 25, with Egypt the top buyer.
March Census data showed record monthly meal exports and a 12-year high in shipments to China, while USDA's March crush came in slightly below estimates.
Strong meal exports and China buying support soybean and meal demand. The crush shortfall versus estimates and modest new-crop bookings temper the rally.
ibestmedia.comMay 2, 2024ibestmedia.comMay 2, 2024After 747 past bullish report events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.1%), and +0.8% over 20.
After 414 past bullish report events, Soybean Meal moved a median -0.1% over 5 sessions (48% higher; middle half -2.1% to +2.3%), and +0.3% over 20.
After 296 past bullish report events, Soybean Oil moved a median -0.0% over 5 sessions (49% higher; middle half -1.8% to +2.0%), and -0.5% 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.
Meal led the soy complex higher on record meal exports and strong demand to China.
Meal led the soy complex rally on May 2 with record meal exports, indicating strong demand.
May 2 soy rally led by meal, with record meal exports and strong China shipments underpinning demand.
