Loading…
USDA's June report cut 2019/20 global soybean stocks by 0.9 million tonnes and raised consumption by 1 million tonnes, lowering 2020/21 ending stocks by 2 million tonnes. Oil World projects 2020/21 global soybean output at 363.4 million tonnes, 26.5 million tonnes above the prior year, with Chinese import demand rising.
Oil World's larger supply forecast and higher expected Chinese imports point to ample soybean supply, pressuring soybean prices despite the tighter USDA balance sheet.
graintrade.com.uaJun 15, 2020After 788 past bearish report events, Soybeans moved a median -0.3% over 5 sessions (47% higher; middle half -2.0% to +1.5%), and -0.9% over 20.
After 399 past bearish report events, Soybean Meal moved a median -0.4% over 5 sessions (44% higher; middle half -2.4% to +1.2%), and -1.0% 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.
