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The International Grains Council forecasts global soybean carryout of 75.4 million tonnes for 2024-25, up 13% year on year and 31% above the five-year average. Analysts expect canola/rapeseed planting to fall 3.1% in Canada and 3.6% in the EU, and say heavy soybean stocks could pressure canola prices.
A large global soybean surplus weighs on oilseed and meal prices, and canola prices depend on the size of the 2024-25 crops. Weather risks in the US remain a counterweight.
ukragroconsult.comApr 29, 2024After 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.
Not enough comparable past events yet for a historical read.
After 399 past bearish report events, Soybean Meal 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.
