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USDA's December WASDE cut Brazil's 2023-24 soybean crop estimate by 2 million tons but raised the 2022-23 crop by the same amount, carrying that over as carry-in supply. Exports for the current crop were raised by 2 million tons, and the net effect was roughly neutral.
Soybean futures saw some profit-taking after the report.
The offsetting revisions leave total Brazilian soybean supply largely unchanged, so the effect on soybean meal and oil prices is limited. Brazil's final crop size will still depend on the next 45 days of harvest.
hoosieragtoday.comC.J. MillerDec 9, 2023After 563 past neutral report events, Soybeans moved a median -0.1% over 5 sessions (48% higher; middle half -1.7% to +1.6%), and -0.1% 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.
