Loading…
Soybeans, corn and wheat closed mostly lower on profit taking and technical selling. Weekly old-crop soybean export sales were 9.8 million bushels, with net cancellations including China, and new-crop sales were thin.
Corn old-crop sales were 29.2 million bushels, and the Buenos Aires Grain Exchange cut its Argentine soybean estimate to 50.5 million tons.
Weak export demand and Brazil's dominance of world soybean trade weigh on soybean and meal prices, and China retaliation concerns add downside risk. Lower soybean meal prices also feed through to meal-based feed costs.
brownfieldagnews.comMay 16, 2024After 803 past bearish trade events, Soybeans moved a median +0.0% over 5 sessions (51% higher; middle half -1.7% to +1.7%), and +0.9% over 20.
After 683 past bearish trade events, Corn moved a median -0.2% over 5 sessions (47% higher; middle half -1.7% to +1.6%), and +0.3% over 20.
After 375 past bearish trade events, Wheat (SRW) moved a median -0.2% over 5 sessions (47% higher; middle half -2.0% to +1.1%), and -0.1% over 20.
After 384 past bearish trade events, Soybean Meal moved a median -0.2% over 5 sessions (47% higher; middle half -1.7% to +1.6%), 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.
