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Analysts at Feed Strategy said USDA's August cuts to U.S. soybean production were larger than expected, but prices fell as demand and export forecasts were also reduced. The analysis noted that the survey predates August rains and that China's state reserve has been buying soybeans.
Demand from Germany for biodiesel feedstock was also cited.
Reduced U.S. supply supports soybean prices, but expected Chinese stockpiling and rising European crush demand could offset this. Buyers should watch whether the August rains improve yields.
feedstrategy.comEmma Penrod16 de ago. de 2023Após 747 eventos altista de relatório passados, Soja em grão subiu em mediana +0,3% em 5 sessões (54% de alta; metade central de -1,4% a +2,1%), e +0,8% em 20.
Após 250 eventos neutro de relatório passados, Farelo de soja subiu em mediana -0,1% em 5 sessões (49% de alta; metade central de -1,6% a +1,7%), e +0,4% em 20.
Variações do benchmark de cada commodity desde o último fechamento antes do evento. As leituras históricas agregam eventos passados do mesmo tipo; descrevem o que aconteceu, não o que vai acontecer. Não é recomendação de investimento.
Prices fell after USDA's August report despite production cuts because demand and export forecasts were also reduced and rains post-dated the survey, pointing to a bearish demand reaction.
