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USDA's January WASDE raised the U.S. soybean meal season-average price forecast by $10 to $390 per short ton and lowered the soybean oil price by 4 cents to 57 cents per pound. Global oilseed production for 2023/24 was lowered to 661.0 million tons, mainly on Brazil and Argentina cuts.
Lower South American soybean output and a higher meal price forecast support soymeal values for feed buyers, while softer oil pricing reflects weaker vegetable oil demand expectations.
nationalbeefwire.comJan 11, 2024After 414 past bullish report events, Soybean Meal moved a median -0.1% over 5 sessions (48% higher; middle half -2.1% to +2.3%), and +0.3% over 20.
After 146 past bearish report events, Soybean Oil moved a median -0.0% over 5 sessions (49% higher; middle half -1.8% to +1.9%), and +0.4% over 20.
After 747 past bullish report events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.1%), and +0.8% 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.
