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The USDA's soybean ending stocks forecast stands at 425 million bushels, with little change expected in the upcoming WASDE report. January soybean crush set a monthly record of 188.78 million bushels, and higher Argentine export taxes have bolstered crush expectations, while coronavirus may limit meat demand later in 2020.
Strong crush supports soymeal supply and demand, but expected weakness in meat demand from the virus could cap upside in soybean meal prices later in the year.
will.illinois.eduTodd E. Gleason, Todd HubbsMar 9, 2020After 563 past neutral report events, Soybeans moved a median -0.1% over 5 sessions (48% higher; middle half -1.7% to +1.6%), and -0.1% 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.
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.
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.
