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USDA cut 2020/21 U.S. soybean ending stocks to 290 million bushels, 170 million below September, on tighter stocks and higher exports. Production fell 45 million bushels on 700,000 fewer harvested acres, and the season-average farm price rose 55 cents to $9.80.
A sharp cut in ending stocks with record export demand signals tight U.S. soybean supplies, supporting soybean and soybean meal prices into the new crop year.
farmprogress.comBen PotterOct 9, 2020After 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.
