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USDA's May 12 WASDE raised its 2024/25 US soybean crop projection to 4.45 billion bushels, up 285 million on higher area and trend yields, with US crush projected at 2.43 billion bushels. USDA also changed its soybean planting seed estimation method back to one used in 2001-02.
A larger US crop and higher crush and exports point to ample new-crop supplies, which tends to pressure soybean and meal prices.
hpj.comDavid MurrayMay 25, 2024After 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.
