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USDA's latest balance sheet keeps the 2022-23 US soybean balance unchanged, but cuts the soyoil export forecast by 200 million pounds on weak commitments. Soyoil ending stocks were raised to 1.9 billion pounds after the EPA finalized 2023-25 biomass-based diesel targets and a canola oil pathway.
Higher soyoil ending stocks signal ample domestic supply and weaker export demand, which is bearish for soyoil prices and limits support for the crush margin.
680kfeq.comDec 14, 2022After 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 563 past neutral report events, Soybeans moved a median -0.1% over 5 sessions (48% higher; middle half -1.7% to +1.6%), and -0.1% 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.
