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S&P Global Platts forecasts US soybean prices averaging $10/bu for 2020-21, up 17%, while USDA's WASDE is more bullish at $10.55/bu. Cumulative export sales reached 53.8 million mt by Dec.
10, versus 18.8 million a year earlier, and ending stocks are at a 7-year low.
Record forward sales to China and tight ending stocks leave little cushion, supporting higher soybean and soymeal prices into 2021 unless China's purchases fall short.
spglobal.comAsim Anand, Luke LundgrenDec 22, 2020After 696 past bullish trade events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.3% to +1.9%), and +0.7% 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.
