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The USDA May WASDE left U.S. soybean carryout and implied stock-to-use unchanged, and USDA revised its soybean oil balance sheets to align with EIA biofuel feedstock accounting. USSEC said the change gives a clearer view of soybean oil's importance to the renewable diesel sector.
The revised soybean oil balance sheet highlights strong biofuel demand for soy oil, supporting its price relative to meal. Unchanged soybean totals mean no new supply shock from the report.
ussec.orgMay 18, 2021After 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.
After 296 past bullish report events, Soybean Oil moved a median -0.0% over 5 sessions (49% higher; middle half -1.8% to +2.0%), and -0.5% 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.
