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CBOT soybean futures rose 4.7% month-on-month to about $15.29/bu on 12 January after USDA cut the US 2022/23 soybean crop estimate by 1.6% to 4.3 billion bushels on lower harvested area. USDA also slashed Argentina's crop by 8%, while soybean oil gained on biodiesel demand.
A bullish US and Argentine supply cut tightens soybean and soymeal availability for feed buyers, and rising biodiesel use keeps soybean oil supported.
mintecglobal.comRoxanne NikoroJan 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 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.
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.
