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Oilseed markets rallied sharply as heavy fund buying lifted soybeans and soybean meal, driven by wet weather in Argentina delaying harvest and damaging crops. Rapeseed followed soybeans higher as traders covered short positions.
Harvest delays and crop damage in Argentina tighten near-term soybean and meal supply, lifting oilseed prices, though the analyst cautions that the move may already be extended.
farming.co.ukApr 22, 2016After 1,079 past bullish weather events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.0%), and +0.9% over 20.
After 453 past bullish weather events, Soybean Meal moved a median +0.5% over 5 sessions (55% higher; middle half -1.6% to +2.7%), and +0.5% over 20.
Not enough comparable past events yet for a historical read.
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.
