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A USDA FAS report says Argentina's soybean sales hit a record 13.7m tonnes in September, driven by a special exchange rate, and the agency raised its MY2021/22 export forecast to 5.5m tonnes. Meanwhile the Rosario exchange cut its 2022/23 wheat harvest forecast to 15m tonnes, the worst in seven years.
Higher Argentine soy export forecasts add supply to global soy meal and oil markets, while a smaller wheat crop tightens wheat supply and supports prices.
foodbusinessmea.comEditor AfricaOct 26, 2022After 563 past neutral report events, Soybeans moved a median -0.1% over 5 sessions (48% higher; middle half -1.7% to +1.6%), and -0.1% over 20.
After 250 past neutral report events, Soybean Meal moved a median -0.1% over 5 sessions (49% higher; middle half -1.6% to +1.7%), and +0.4% over 20.
After 114 past neutral report events, Soybean Oil moved a median +0.1% over 5 sessions (52% higher; middle half -1.7% to +1.4%), and +0.5% over 20.
After 769 past bullish report events, Wheat (SRW) moved a median +0.2% over 5 sessions (53% higher; middle half -1.4% to +2.0%), and +0.2% 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.
