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A Reuters poll averaging 11 forecasts put Brazil's 2017/18 soybean crop at 110.19 million tonnes, the second-largest on record, up from the prior November poll. Planted area is expected to be a record 34.90 million hectares as soy expanded over corn land.
Analysts said conditions were generally very good despite planting delays.
A large Brazilian crop expands global soybean export supply, a bearish factor for soybeans and soybean meal prices.
agcanada.comAGCanadaJan 5, 2018After 788 past bearish report events, SOY 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, SBM 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.
