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ProAg notes that NOPA's October crush came in stronger than expected and USDA projects 2019/20 crush at 2.105 billion bushels, a record. Soybean meal prices have recovered from August and September lows below $300 per ton, supported by expected livestock production growth and African swine fever in Asia.
Strong crush and rising meal prices support soybean demand and meal values, as livestock output expansion and ASF-driven protein demand firm the outlook.
proag.comNov 19, 2019After 747 past bullish report events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.1%), and +0.8% over 20.
After 414 past bullish report events, Soybean Meal moved a median -0.1% over 5 sessions (48% higher; middle half -2.1% to +2.3%), and +0.3% 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.
