Yesterday we clearly indicated on our blog to buy CPO and Soyaref above 490 and 608 mark (Click here to read our yesterday update) . Both flared after USDA report and made a high of 509.90 and 614 respectively. USDA trims soybean 2015-16 United States output estimates.
The United States department of agriculture (USDA) trimmed 2015-16 United States soybean production forecast for March while hiked its forecast for ending stockpiles, the department said in its World Agriculture Supply and Demand Estimates report Wednesday. The USDA cut US, the world's biggest bean grower, production estimates to 106.9 million tons in March compared to 107 million tons in the previous month and 106.9 million tons a year ago. However, USDA raised its forecast for 2015-16 US soybean ending stockpiles to 460 million bushels in March compared to 450 million bushels in the previous month and 191 million bushels a year ago.
Forecast for Brazil, the world's second biggest soybean producer, 2015-16 output maintained at 100 million tons unchanged from the previous month and 96.2 million tons a year ago, the USDA said. Estimation for Argentina, world's third biggest soybean producer, 2015-16 crop output also maintained at 58.5 million tons unchanged from previous month and 61.4 million tons a year ago.
More will be update soon!! Keep minting money with us!!
