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USDA raised 2016/17 global soybean production by 5.18 million metric tons and ending stocks by 4.59 million metric tons, driven by Brazil. U.S. soybean ending stocks rose 10 million bushels to 445 million.
Analysts called the U.S. figures neutral and the global figures bearish for soybeans and wheat.
A larger South American supply cushions the market and points to lower soybean and soymeal prices unless demand picks up.
northernag.netbyApr 12, 2017After 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.
