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The USDA's November WASDE kept its 2021-22 soybean oil biofuel forecast at 11 billion pounds and raised its 2020-21 estimate to 8.85 billion pounds. It cut US soybean production by 23 million bushels to 4.42 billion on lower yields, reduced exports and raised ending stocks by 20 million bushels.
A smaller US crop and lower exports push soybean prices higher, which supports the soybean complex. Soybean meal and oil prices were left unchanged in the forecast, so the effect is mainly on beans.
ukragroconsult.comNov 10, 2021After 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.
