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U.S. soybean futures jumped more than 5% to an 18-month high after USDA projected 2016/17 domestic soybean stocks would fall further than analysts expected. Corn and wheat rose in sympathy, and several soybean contracts hit the daily limit while soymeal reached life-of-contract highs.
A tighter-than-expected USDA stocks outlook signals firmer soybean and soymeal supplies, raising feed input costs for buyers.
reuters.comMay 10, 2016After 747 past bullish report events, SOY moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.1%), and +0.8% over 20.
After 414 past bullish report events, SBM moved a median -0.1% over 5 sessions (48% higher; middle half -2.1% to +2.3%), and +0.3% over 20.
After 1,040 past bullish report events, CORN moved a median +0.5% over 5 sessions (62% higher; middle half -0.9% to +2.0%), and +0.8% 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.
