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The United Soybean Board's market intelligence vice-president attributed soybean strength to storm damage and robust global demand. He cited a USDA upward revision of 75 million bushels to US export pace, bringing expected new-crop exports to just over 2.1 billion bushels.
That would be the highest since the 2017/18 marketing year.
Higher projected export demand tightens the US soybean balance sheet and supports prices into the new crop year.
brownfieldagnews.comTom SteeverAug 13, 2020After 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 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.
Analyst attributes soybean strength to storm damage and robust export demand, with higher USDA export estimates, which are bullish for the complex including meal.
