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Soybean futures dropped after the midday release of USDA's February report, which cut the Argentine soybean crop by 1.5 million metric tons, less than the 2.5 million expected. USDA also did not raise its U.S. soybean export target, and analysts said the export pace is already ahead of that target.
A smaller-than-expected cut to Argentine output and an unchanged U.S. export target leave soybean supplies looser than the market wanted, which weighs on prices. Corn stock and China demand changes were smaller factors.
hoosieragtoday.comProductionFeb 10, 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.
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.
