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At the USDA Agricultural Outlook Forum, ASA chief economist Scott Gerlt highlighted renewable diesel, China's hog population and Brazil's potential record crop as drivers of the 2023 soybean market. He explained that renewable diesel can fully replace petroleum diesel and is often produced in petroleum facilities.
Expanding renewable diesel capacity raises soybean oil demand, while Brazil's record crop and China's hog herd affect global soybean and meal supply and demand.
foodbusinessnews.netMatt 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.
