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Soybean futures fell about 33 cents after the USDA's August WASDE put the national soybean yield at 51.6 bpa and 2018/19 ending stocks near 785 million bushels. Soymeal dropped about nine dollars as chart damage was noted.
An analyst advised growers not to focus too heavily on the yield figure because the survey methodology would change.
Bigger soybean supplies and a bearish technical picture push soymeal lower, which benefits buyers of soybean meal for feed, while the market anticipates possible support later if yields are revised down.
iowaagribusinessradionetwork.comStaff EditorAug 10, 2018Not 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 about 33 cents and meal dropped after USDA put yield at 51.6 bpa and ending stocks near 785 million bushels.
Directly reports soymeal falling about $9 and soybean futures down 33 cents after the WASDE yield and stocks numbers.
