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The USDA's December Oilseeds: World Markets and Trade report cut its 2022/23 global oilseed production forecast by 1 million tonnes to 644 million tonnes, citing reduced cottonseed, palm kernel, rapeseed and sunflowerseed crops. It raised the trade forecast on higher Ukrainian sunflowerseed exports.
Global meal and oil output were also trimmed on lower Indonesian palm output and reduced EU and Ukrainian crushing.
A smaller world oilseed crop tightens supplies of meal and oil, which modestly supports prices for soybean meal, vegetable oils and rapeseed or sunflower meal used in feed. The USDA kept its US soybean farm price forecast unchanged at $14 per bushel, so the revision is a small supportive signal rather than a major shift.
ukragroconsult.comDec 21, 2022
ofimagazine.comQuartz Business MediaDec 20, 2022
tridge.comVictor LangatDec 21, 2022Not enough comparable past events yet for a historical read.
After 149 past bullish report events, Palm Oil moved a median +0.5% over 5 sessions (57% higher; middle half -1.1% to +1.8%), 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.
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.
