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The National Oilseed Processors Association reported that members crushed 167 million bushels of soybeans in November, a monthly record. Soybean oil stocks fell slightly, and soymeal exports were lower in the month.
Record crush adds meal supply to the domestic market, which is bearish for meal prices, while lower meal exports reduce outside demand.
rrfn.comCarah HartDec 17, 2018After 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.
After 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.
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.
