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The USDA's May WASDE projected a 4.51-billion-bushel U.S. soybean crop for 2023/24, up 5% from last year. Ending stocks are forecast at 335 million bushels, up 120 million, and the season-average price is put at $12.10 per bushel versus $14.20 in 2022/23.
A larger U.S. crop with higher ending stocks and lower forecast exports points to weaker soybean and product prices for 2023/24, as the USDA's lower price forecast reflects.
iasoybeans.comIowa Soybean AssociationMay 18, 2023After 788 past bearish report events, Soybeans moved a median -0.3% over 5 sessions (47% higher; middle half -2.0% to +1.5%), and -0.9% over 20.
After 399 past bearish report events, Soybean Meal moved a median -0.4% over 5 sessions (44% higher; middle half -2.4% to +1.2%), and -1.0% 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.
