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A USDA FAS report estimates China's total oilseed crush for MY 23/24 at 135 million tonnes, up from 134 MMT previously and 132.9 MMT in MY 22/23. Recovering feed production is lifting soybean meal demand, and the soybean crush forecast was raised to 96 MMT.
Stronger Chinese crush and feed-driven soymeal demand support soybean and soymeal prices, particularly as SBM prices are relatively low versus recent highs.
millingmea.comFrankNov 10, 2023After 414 past bullish report events, SBM moved a median -0.1% over 5 sessions (48% higher; middle half -2.1% to +2.3%), and +0.3% over 20.
After 747 past bullish report events, SOY moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.1%), and +0.8% over 20.
Not enough comparable past events yet for a historical read.
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.
