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USDA's February WASDE kept the US soybean crop at 116 million tonnes and cut domestic crush by 408,000 tonnes. It trimmed Argentina's crop 10% to 41 million tonnes, while Brazil stayed at a record 153 million.
CBOT soybeans and soybean oil settled lower week-on-week, at 3.2% down for oil.
Lower US crush and a record Brazilian crop weigh on soybean and oil prices, though the Argentine cut limits the downside. Soybean meal demand from crush cuts is also reduced.
mintecglobal.comRoxanne NikoroFeb 10, 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 146 past bearish report events, Soybean Oil moved a median -0.0% over 5 sessions (49% higher; middle half -1.8% to +1.9%), and +0.4% 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.
