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USDA cut Brazilian soybean production by 5 million metric tons and Argentine production by 1.5 million tons in the February WASDE, citing dry conditions in South America. Brazilian corn production was reduced by 1 million tons.
US corn and soybean exports and overall supply and demand were left largely unchanged.
Dry weather cuts to South American output tighten global soybean and corn supplies, which supports prices and pushes buyers toward US origin. The cuts also raise the value of soymeal as a feed ingredient.
dtnpf.comFeb 9, 2022After 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 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.
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.
