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US soybean futures fell more than 4.5% on August 10 after USDA projected 2018-19 US soybean production at 4.586 billion bushels, above market forecasts. Ohio farmer Chris Gibbs said the trade war had cut prices about 20% and cost the US its largest customer.
The day's drop was the worst since the July low.
A larger-than-expected USDA crop estimate adds supply pressure to soybeans and soymeal, lowering feed protein costs while trade disruption limits export outlets.
cnbc.comMichelle FoxAug 10, 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.
It documents the over 4.5% soybean drop on August 10 after USDA's above-forecast production projection, matching the move's size and timing.
Soybean futures fell more than 4.5% on the above-forecast production projection, a worse drop than any since the July low, which carried soymeal lower.
