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USDA's June report lowered its 2019/20 world soybean meal production forecast to 241.51 million tonnes, 0.21 million tonnes below the prior estimate. World meal exports were trimmed slightly to 68.75 million tonnes, while ending stocks were unchanged at 12.09 million tonnes.
A slightly smaller world meal supply and reduced export forecast modestly support meal prices for feed buyers.
latifundist.comJun 12, 2019After 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.
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.
