Loading…
USDA projects China's soybean imports at 94 million tonnes this year, reflecting a large demand reduction. The agency also put Brazil's crop at 127 million tonnes, below trade expectations and down from 134 million in February.
A smaller Brazilian crop and reduced Chinese demand give mixed signals, but the lower Brazil estimate supports soybean and meal prices in a market already tight on grain stocks.
reuters.comKaren BraunMar 10, 2022After 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 770 past neutral report events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.1% to +1.6%), and +0.7% 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.
USDA cut Brazil's crop to 127 million tonnes, below expectations, which tightens South American supply and supports meal prices.
