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Soybean futures fell sharply on August 15, 2023, as improved US crop condition ratings offset a drier forecast. Barchart raised its soybean yield estimate to 50.75 bpa, and NOPA reported a record July crush of 173.3 mbu.
The Chinese yuan weakened after the central bank cut rates.
A record crush supports soymeal and soyoil demand, but a higher yield outlook and a weaker yuan weigh on soybean and meal prices. Soyoil found support during the meal selloff.
barchart.comAlan BruglerAug 15, 2023Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
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.
Soybean futures fell sharply on Aug 15 on improved US crop ratings and higher yield estimates, despite a record NOPA July crush; this directly drove the weekly meal drop.
Aug 15 soybean futures dropped sharply on improved crop ratings and higher yield estimates (supply-side bearish), plus weaker yuan reducing import demand appeal; this falls inside the 5-day window and directly pressures meal.
Sharp soybean drop attributed to improved crop ratings, bigger yield estimates, and yuan weakness after a Chinese rate cut; dated Aug 15, so it is adjacent to the move and may reflect the same selling pressure.
Soybean futures fell sharply on Aug 15 on improved crop ratings and a weaker yuan, showing the same selling pressure, but it is dated after the move so the link is weak.
