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Soybeans rose on commercial and technical buying, with unknown destinations buying 395,000 tons of US beans and China buying 129,000 tons. Corn and wheat also advanced on weather concerns, and Brazil proposed changing its GMO import rules to ease supply problems.
Soybean meal rallied sharply on commercial demand.
Fresh export demand and Brazil's proposed GMO import change support US corn and soybean prices, since US origin could fill Brazil's gap. Weather risk and firm meal demand add to upward pressure on feed ingredients.
brownfieldagnews.comJohn PerkinsJun 17, 2016After 696 past bullish trade events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.3% to +1.9%), and +0.7% over 20.
After 342 past bullish trade events, Soybean Meal moved a median +0.1% over 5 sessions (51% higher; middle half -1.1% to +2.6%), and +0.6% over 20.
After 729 past bullish trade events, Corn moved a median +0.4% over 5 sessions (56% higher; middle half -1.1% to +1.8%), and +0.5% over 20.
After 431 past bullish trade events, Wheat (SRW) moved a median +0.0% over 5 sessions (50% higher; middle half -1.3% to +2.1%), 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.
