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Soybean prices rose sharply after China reportedly bought about 600,000 tonnes of US soybeans and suspended retaliatory tariffs on 5 million tonnes of purchases. The WASDE also lowered US soybean and corn yields, and CBoT soybeans reached about $324 per tonne.
Corn and wheat also rose after the report.
Chinese purchases and lifted tariffs restore US export demand, which tightens the soybean balance. Lower US corn and soybean yields add supply pressure, supporting prices.
en.boerenbusiness.nlAnne Jan DoornSep 13, 2019After 696 past bullish trade events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.3% to +1.9%), and +0.7% over 20.
After 729 past bullish trade events, Corn moved a median +0.4% over 5 sessions (56% higher; middle half -1.1% to +1.8%), and +0.5% over 20.
After 431 past bullish trade events, Wheat (SRW) moved a median +0.0% over 5 sessions (50% higher; middle half -1.3% to +2.1%), and +0.5% over 20.
After 342 past bullish trade events, Soybean Meal moved a median +0.1% over 5 sessions (51% higher; middle half -1.1% to +2.6%), and +0.6% 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.
