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Soybeans and corn fell on speculative selling after forecasts showed improved rain for Argentina and southern Brazil into early February. Soybean meal dropped on profit taking, and some damage to Argentina's crop is considered likely.
Expected rainfall may stabilize South American output, but lost Argentine production limits supply, so the price pressure is modest. Soymeal and corn prices are pressured by weather relief.
brownfieldagnews.comJan 18, 2023After 363 past bearish weather events, Soybeans moved a median -0.6% over 5 sessions (42% higher; middle half -2.5% to +1.1%), and -0.2% over 20.
After 118 past bearish weather events, Soybean Meal moved a median -0.8% over 5 sessions (35% higher; middle half -3.2% to +0.4%), and -1.6% over 20.
After 357 past bearish weather events, Corn moved a median -0.3% over 5 sessions (44% higher; middle half -2.2% to +1.3%), 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.
