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The USDA GAIN report cuts Argentina's 2020-21 soybean output by 1 million tonnes to 50 million, citing dry weather and delayed planting. Exports are forecast down 1 million tonnes to 7 million, and crush is reduced by 1.5 million tonnes to 41 million.
A smaller Argentine crop and lower exports tighten global soybean and meal supply, supporting soybean prices. The lower crush also reduces meal output, which can support meal prices.
world-grain.comHolly Demaree-SaddlerJan 7, 2021After 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.
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.
