Loading…
CBOT soybeans set a one-week high as dry weather threatened Argentina's harvest, while the USDA cut Argentina's soybean estimate to 54 million tonnes from 56. Soymeal surged to a high of $346 a short ton on fears of an Argentine crop shortfall.
Argentina supplies roughly half the world's soymeal, so a smaller crop tightens global meal supply and lifts feed protein prices.
grainews.caGFM Network NewsFeb 8, 2018After 453 past bullish weather events, SBM moved a median +0.5% over 5 sessions (55% higher; middle half -1.6% to +2.7%), and +0.5% over 20.
After 1,079 past bullish weather events, SOY moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.0%), and +0.9% over 20.
After 334 past bearish weather events, WHEAT moved a median -0.2% over 5 sessions (47% higher; middle half -1.9% to +1.7%), and -0.2% 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.
