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The USDA cut its forecast for U.S. agricultural exports, citing weaker soybean demand. China's October soybean imports from the United States fell sharply during what is normally a peak season.
Poor crush margins and competitive Brazilian beans were cited as the main reasons.
Lower foreign purchases of U.S. soybeans leave more supply domestically, which is bearish for soybean prices. Buyers should expect softer U.S. soy values while Brazilian competition persists.
reuters.comP.J. HuffstutterNov 24, 2021After 788 past bearish report events, SOY moved a median -0.3% over 5 sessions (47% higher; middle half -2.0% to +1.5%), and -0.9% 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.
