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U.S. soybean futures edged toward the prior session's 21-month high after USDA forecast lower world supplies. The Chicago most-active contract rose about 5% the previous day following the report, which cut Argentine and Brazilian output estimates.
Reduced South American supply forecasts keep soybean and soymeal prices supported, which raises feed ingredient costs.
agweek.comReuters MediaMay 11, 2016After 747 past bullish report events, Soybeans 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, Soybean Meal moved a median -0.1% over 5 sessions (48% higher; middle half -2.1% to +2.3%), and +0.3% 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.
