USDA's Latest Report Soybeans Neutral To Bearish

In the early morning of January 11, 2020, the us department of agriculture released the USDA data report, which showed that the export sales of soybean oil in the current us market increased by 2,600 tons in the week ending November 2, with a net increase of 4,500 tons. U.S. soybean meal export sales rose 74,200 tons to 87,200 tons in the current year. Annual soybean export sales in the current U.S. market increased by a net 355,500 tons to 424,300 tons.

 

Galaxy futures zhao yan told futures daily reporters, overall, this month's report results neutral to short. CBOT soybeans and corn futures both bottomed out and rebounded after the report. After the impact of the report is digested, the market will focus on the signing of the first phase of the china-us trade agreement next week and specific policy changes in China's future purchases of us agricultural products.

 

Specifically, soybean data neutral to empty. Data adjustment is minimal. Final yield forecast, yield per mu raised 0.5 pu, higher than market expectations. The final production forecast was higher than expected. However, initial inventory and import reduction offset the increase in production, the total supply has not been adjusted. No adjustments were made for crush and export volumes this month, leaving year-end inventories unchanged and above market expectations. Global inventories were slightly higher than expected. Inventories fell in the quarter ended Dec. 1 from a year earlier, but were higher than expected. Corn data is bearish. American corn yields eventually rose by a bushel per acre, more than the average expected. The final output was higher than expected. Exports are down, but feed demand is up sharply. Demand is growing faster than supply, and inventories are down from last month's forecasts, but still well above average expectations. Global inventories are also above average expectations. As of Dec. 1, U.S. corn stocks were down slightly from a year earlier, slightly below average expectations.



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