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A Farm Futures analyst's outlook expects Brazil's 2022/23 soybean crop to reach a record of 5.58 billion bushels, up 9% from the prior high, based on the December WASDE. The outlook also says that Brazil, the US, Argentina and China will shape corn and soybean markets in early 2023.
It notes that 2022 volatility is likely to carry into 2023.
A record Brazilian soybean crop adds large export supply, which pressures soybean and soybean meal prices. Market expectations of this supply are already reflected in current pricing.
farmprogress.comJacqueline HollandDec 20, 2022After 788 past bearish report events, Soybeans moved a median -0.3% over 5 sessions (47% higher; middle half -2.0% to +1.5%), and -0.9% over 20.
After 399 past bearish report events, Soybean Meal moved a median -0.4% over 5 sessions (44% higher; middle half -2.4% to +1.2%), and -1.0% 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.
