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The USDA left US soybean ending stocks unchanged at 955 million bushels, above the 945 million analysts expected. It raised its 2018-19 world soybean supply outlook to 115.33 million tonnes, with Brazil's crop raised to 122 million tonnes, while Chinese imports were held at 90 million tonnes.
A record world soybean carryout and a large Brazilian crop increase export competition and weigh on soybean and meal prices. Lack of a US-China purchase keeps demand for US beans weak.
agcanada.comAGCanadaDec 11, 2018After 788 past bearish report events, Soybeans moved a median -0.3% over 5 sessions (47% higher; middle half -2.0% to +1.5%), and -0.9% over 20.
After 399 past bearish report events, Soybean Meal 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.
