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The USDA cut its global oilseed production forecast by 7 million tonnes to 630 million tonnes in its March report. The reduction reflects lower Argentine soybean, sunflowerseed and Indian cottonseed crops, partly offset by higher Australian and Ukrainian rapeseed.
Argentine soybean production was lowered to a 14-year low of 33 million tonnes, with crush at its lowest in over a decade.
Lower Argentine soybean supply cuts global soybean meal and vegetable oil availability, which supports protein meal and oil prices and raises feed costs for buyers.
ofimagazine.comQuartz Business MediaMar 20, 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.
After 296 past bullish report events, Soybean Oil moved a median -0.0% over 5 sessions (49% higher; middle half -1.8% to +2.0%), and -0.5% 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.
