WASDE Shocker This week started with a bang and ended on a whimper. November soybeans rallied 76 cents/bushel after USDA’s September WASDE report on Monday made significant and unexpected adjustments lower in U.S. and world soybean supplies. Here were the key points:
U.S. new crop soybean harvested area, yield, production and ending stocks were all lowered. U.S. soybean production is down 6.6 percent year-on-year, and ending stocks are now at the lowest level since 2015/16 with a stocks-to-use ratio of 4.5 percent. World soybean ending stocks were revised lower by 2.4 percent.
Here are some longer range graphs to put it all in perspective:
The funds were caught flat-footed since going into the report they were at...
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