A study commissioned by NOPA and the United Soybean Board estimates COVID-19 caused over $4.7 billion in losses to US soybean farmers and crushers from January to June 2020. Soybean oil lost $1.5 billion in value (down 17.5%) and soybean meal lost $220 million (down 1.4%).
The study quantifies pandemic-driven demand losses in biofuel and livestock channels, a backward-looking assessment that offers little new price direction for feed buyers.
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 250 past neutral report events, Soybean Meal moved a median -0.1% over 5 sessions (49% higher; middle half -1.6% to +1.7%), and +0.4% 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.