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USDA's October WASDE cut the US soybean yield to 49.5 bu/acre, below trade estimates, and soybean futures rose more than 28 cents immediately after the release. Ending stocks were cut to 430 million bushels, the highest stocks-to-use ratio since 2006/07, and global soybean output fell about 22 million bushels.
A tighter US soybean carryout raises the cost of soybeans and soybean meal, which feed buyers depend on. Analysts also flagged possible Brazilian dryness and stronger Chinese demand as further upside risks.
feedstuffs.comBen PotterOct 12, 2017After 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.
