$DIA, $SPY, $QQQ, $RUTX, $SOY, $VXX
China resumed buying US Soybean, bringing some relief to farmers in the US heartland as President Xi works toward a trade deal with his American counterpart.
The giant Asian commodity importer bought 2-M tonnes of American Soybean (SOY) over the past 24 hrs, with shipments expected to occur sometime during Q-1, the US Soybean Export Council said, citing unidentified industry sources.
Thursday, the US Department of Agriculture disclosed sales of 1.13-M tonnes of the order for delivery to China.
The purchases represent a major gesture by China toward easing tensions between the world’s 2 largest economies.
Soybean had become the ‘poster child’ of the trade dispute, with the Asian nation shunning imports from farms in rural communities that voted for President Trump in Y 2016.
The shipments, mainly from the Pacific Northwest, will help reduce stockpile pressures for US Soybean farmers,these shipments can ease China’s own shortage of supplies in Q-1 of Y 2019.
Soybean futures had stayed relatively quiet in the last few days as traders awaited confirmation deals were happening.
President Trump hailed a breakthrough on agriculture as part of the trade truce agreed in his meeting with President Xi earlier this month, and tweeted “Farmers, I LOVE YOU!” Prices in Chicago are still down about 14% since their peak in March.
The export council “is encouraged by the news that buyers from China have made purchases of US Soybeans,” the American agriculture trade group said in an e-Mail. “This is obviously positive news for our growers.”
Thursday, the US major stock market indexes finished at: DJIA +70.11 at 24597.38, NAS Comp -27.98 at 7070.33, S&P 500 -0.53 at 2650.54
Volume: Trade on the NYSE came in at 913-M/shares exchanged
- NAS Comp +2.4% YTD
- DJAI -0.5% YTD
- S&P 500 -0.9% YTD
- Russell 2000 -6.7% YTD
HeffX-LTN Technical Analysis for the US Major Stock Market Indexes is Neutral to Bullish in here.