
USDA left 2024/25 and 2025/26 U.S. soybean balance sheets and season-average prices unchanged in the June WASDE. Soybean futures fell on biofuel policy concerns, weak export data, and a drop in cash markets, while USDA cut 2024/25 soybean oil biofuel use by 200 million pounds.
Soybean prices are driven more by biofuel policy and export pace than by the unchanged balance sheets, which keeps soybean meal and oil prices under pressure. Demand for soyoil in biofuels remains the key uncertainty.
After 788 past bearish report events, Soybeans moved a median -0.3% over 5 sessions (47% higher; middle half -2.0% to +1.5%), and -0.9% over 20.
After 114 past neutral report events, Soybean Oil moved a median +0.1% over 5 sessions (52% higher; middle half -1.7% to +1.4%), and +0.5% 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.