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USDA trimmed South American soybean production in the February WASDE, but by less than analysts had expected. Domestic soybean crush was raised by 25 million bushels, tightening US soy supplies.
Corn and soybean futures on the CBOT kept rising after the report, while wheat gained on higher import forecasts for North Africa and the Middle East.
Smaller-than-expected South American cuts leave soybean supplies tight, and the higher US crush supports soybean and meal demand. Wheat import demand from North Africa and the Middle East supports wheat prices.
farmprogress.comBen PotterFeb 9, 2022After 747 past bullish report events, SOY 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, SBM 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, SBO moved a median -0.0% over 5 sessions (49% higher; middle half -1.8% to +2.0%), and -0.5% over 20.
After 1,040 past bullish report events, CORN moved a median +0.5% over 5 sessions (62% higher; middle half -0.9% to +2.0%), and +0.8% 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.
