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Soybeans closed mostly lower on March 22, 2017 on record South American production expectations, with some private Brazilian estimates above 110 million tons. China bought 120,000 tons of new crop US beans.
Corn fell, and Saudi Arabia bought 120,000 tons of old crop US hard red winter wheat.
Record South American supply and expected Brazilian harvest progress pressure soybean prices, while steady Chinese and Saudi purchases offer some support for US export demand.
brownfieldagnews.comJohn PerkinsMar 22, 2017After 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 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.
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 102 past bullish trade events, Wheat (HRW) moved a median 0.0% over 5 sessions (49% higher; middle half -2.0% to +3.5%), and -1.4% 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.
