Rabobank: Soy meal glut on cards for 2025 regardless of tariffs, wheat still a concern

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.

• Jul 19, 2022The Mighty US Crop Markets Through 2030: Our Long-term Outlook for Corn, Soybeans, and Wheat - Rabobank+3.2%
• Sep 22, 2021Concerns for Europe, Southeast Asia temper positive global poultry outlook | MEAT+POULTRY-0.2%
• Jun 29, 2017In 2017 – 2018г. global production of oil meals will reach a new record+8.6%
• May 19, 2022Current Soybean Meal-Corn Ratio+2.6%
• Apr 12, 2017USDA Crop Reports Bearish for U.S. Corn, Wheat and Soybean Markets - Northern Ag Network+0.5%

After 406 past neutral report events, WHEAT moved a median -0.2% over 5 sessions (47% higher; middle half -1.6% to +1.5%), and +0.0% over 20.

• Apr 10, 2026USDA Raises Wheat, Corn and Soy Price Estimates - Farm Policy News+3.8%
• May 13, 20262025 NASS County Corn, Soybean, and Winter Wheat Yields+0.9%
• Jan 18, 2025Global wheat prices seen under pressure on record output - The HinduBusinessLine-0.0%
• Feb 8, 2017Soybeans, corn, wheat up ahead of USDA numbers - Brownfield Ag News-0.0%
• Jan 5, 2024Global food prices fell in 2023 compared to 2022, except for sugar and rice | PBS News-2.2%