Loading…
CBOT soybeans settled above 10 dollars per bushel, reaching their highest level since late July after drought in Argentina lifted prices. Corn eased slightly and wheat fell after gaining over 3 percent the previous session on dryness in the US southern Plains.
Analysts said the Argentine drought was expected to deepen into late February.
Argentina is a major soybean and meal exporter, so a deepening drought would cut export supply and keep soybean prices elevated. The price rally is tied directly to a weather-driven supply risk.
xinhuanet.comFeb 14, 2018After 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.
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.
