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Nov-21 soybean futures fell sharply after the USDA Grain Stocks report, which revised 2020/21 production up by about 81 million bushels. Dec-21 soybean meal closed the week down more than $13 per ton at $326.90 per short ton.
A surprise upward production revision lifted supply expectations and pushed soybeans and meal lower, reducing feed protein costs in the near term.
mckeany-flavell.comNicole ThomasOct 4, 2021After 788 past bearish report events, SOY moved a median -0.3% over 5 sessions (47% higher; middle half -2.0% to +1.5%), and -0.9% over 20.
After 399 past bearish report events, SBM moved a median -0.4% over 5 sessions (44% higher; middle half -2.4% to +1.2%), and -1.0% 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.
