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At the USDA Agricultural Outlook Forum in late February, ASA chief economist Scott Gerlt outlined a 2023 soybean outlook. He cited renewable diesel development, China's hog herd and Brazil's potentially record soybean crop as the main drivers of global soybean growth.
Renewable diesel demand supports soybean oil prices, while Brazil's large crop and China's hog-driven meal demand shape soybean and meal balances; the net effect is a mixed outlook for soybean prices.
bakingbusiness.comMatt NoltemeyerMar 9, 2023After 296 past bullish report events, Soybean Oil moved a median -0.0% over 5 sessions (49% higher; middle half -1.8% to +2.0%), and -0.5% over 20.
After 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.
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.
