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The USDA attaché in Beijing lowered its forecast for China's 2021-22 and 2022-23 soybean ending stocks, while raising its rapeseed and corn carryover estimates. It cites higher domestic oilseed prices and government incentives boosting 2022-23 soybean and rapeseed output, with slower growth from COVID lockdowns.
Lower Chinese soybean ending stocks imply stronger import needs, which is supportive for global soybean prices.
farmtario.comMarketsFarmJul 9, 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.
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.
