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A Kedia Advisory outlook summarises the October USDA data, cutting US soybean production by 42 million bushels to 4.1 billion on lower yields of 49.6 bu/acre. Soybean exports were trimmed by 35 million bushels on South American competition, and crush was raised to 2.3 billion bushels.
Season-average price forecasts were unchanged.
The smaller US crop and firm crush support soybean prices, while the export cut and unchanged meal and oil forecasts limit upside for the products.
in.investing.comOct 13, 2023After 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.
After 250 past neutral report events, Soybean Meal moved a median -0.1% over 5 sessions (49% higher; middle half -1.6% to +1.7%), and +0.4% over 20.
After 114 past neutral report events, Soybean Oil moved a median +0.1% over 5 sessions (52% higher; middle half -1.7% to +1.4%), and +0.5% 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.
