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The USDA raised its April soybean crush forecast to 2.125 billion bushels, up 20 million from March. Soybean meal prices in Decatur fell from about $326 to below $293 per ton in April.
Analysts expect meat supply chain disruptions to limit further crush expansion.
A higher crush adds soymeal supply, but weaker meat demand from supply chain disruptions could leave meal prices under pressure. Crush margins are narrowing as a result.
proag.comApr 21, 2020After 563 past neutral report events, SOY moved a median -0.1% over 5 sessions (48% higher; middle half -1.7% to +1.6%), and -0.1% over 20.
After 399 past bearish report events, SBM 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.
