
USDA's June report raised the 2025/26 global oilseed output by 2.15 million tons to 700.65 million, mainly on a 2 million ton increase in Argentina's soybean crop to 50 million tons. The 2026/27 world oilseed output was lifted to a record 718.2 million tons, and July soybean futures fell 0.7% to $409.7/t after the report.
Larger global oilseed supplies and higher ending stocks weigh on soybean and meal prices, so the outlook favors softer benchmarks for feed buyers.
After 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.
After 399 past bearish report events, SBM moved a median -0.4% over 5 sessions (44% higher; middle half -2.4% to +1.2%), and -1.0% 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.