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Cargill and Bunge are slowing soybean purchases because uncertainty over US biofuel policy has led producers to delay soyoil buying. Fuel retailers had procured only about 10% of their first-quarter biodiesel by mid-October, versus more than 80% in a typical year.
Cargill says its buying rate is unchanged.
Delayed soyoil purchases reduce soybean crush demand and weigh on soybean and soymeal prices.
ukragroconsult.comNov 4, 2024After 369 past bearish policy events, Soybeans moved a median -0.2% over 5 sessions (46% higher; middle half -1.7% to +1.8%), and +0.8% over 20.
After 351 past bearish policy events, Soybean Oil moved a median -0.0% over 5 sessions (49% higher; middle half -1.7% to +1.8%), and -0.2% over 20.
After 223 past bearish policy events, Soybean Meal moved a median -0.3% over 5 sessions (45% higher; middle half -2.2% to +1.2%), and -0.6% 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.
