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CBOT soybeans and meal fell last week, with the bearish USDA report on January 12 extending losses. Soybeans dropped 32 cents per bushel and meal fell $7 per ton over the week.
US ending soybean stocks were raised from 245 to 280 million bushels on a higher yield of 50.6 bushels per acre.
Higher US stocks and steady South American output remove near-term bullish catalysts for soybean meal, keeping feed protein costs soft. Prices are likely to stay pressured until the next USDA update.
saskcanola.comWritten By SaskOilseedsJan 16, 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.
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.
