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US soybean futures rose on follow-through buying after USDA's surprise cut to domestic production and ending stocks. Soymeal led gains on forecasts of more rain in Argentina, and a 132,000-tonne flash sale of US soybeans reinforced demand.
The USDA cut and Argentine rain concerns tighten soybean and meal supplies, which supports feed ingredient prices.
grainews.caGFM Network NewsJan 13, 2017After 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.
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.
