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USDA's May WASDE raised old-crop soybean meal ending stocks to 400,000 short tons and soybean oil ending stocks to 1.82 billion pounds, with higher average farm price estimates for both. The report also lifted 2021/22 soybean product production, trade and demand projections.
Higher old-crop meal and oil stocks ease near-term tightness, but raised farm price estimates signal continued strong demand. The new-crop outlook points to larger supplies and trade flows for feed buyers.
brownfieldagnews.comMay 13, 2021After 399 past bearish report events, Soybean Meal moved a median -0.4% over 5 sessions (44% higher; middle half -2.4% to +1.2%), and -1.0% over 20.
After 114 past neutral report events, Soybean Oil moved a median +0.1% over 5 sessions (52% higher; middle half -1.7% to +1.4%), and +0.5% 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.
The WASDE raised soybean meal ending stocks and 2021/22 product production, which points to ample meal supply and pressured meal prices, though the article is dated a day later.
WASDE raised old-crop and new-crop soybean meal ending stocks and production projections, which is bearish for meal.
