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In its September WASDE, the USDA cut US soybean beginning stocks by 10 million bushels and lowered the US soybean yield to 50.1 bushels per acre. It also reduced global oilseed production by 2.8 million metric tons, with cuts in Canada and EU rapeseed, and cut global soybean crush by 1.8 million metric tons.
Lower US and global oilseed supplies tighten the market for soybeans and meal, supporting prices and raising the cost of protein for feed buyers.
ussec.orgSep 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 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.
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.
