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Soybeans and corn fell on speculative and technical selling, with soybeans at two-month lows and December corn at a new contract low. Forecasts called for hot temperatures in key growing areas before a more moderate pattern, and the trade expects large crops.
Argentina delayed a planned soybean tariff cut until 2017.
Large expected US crops and ample corn supplies keep downward pressure on feed grain and soybean prices, though heat stress is a near-term upside risk. Argentina's tariff timing has little near-term effect on export flows.
brownfieldagnews.comJohn PerkinsJul 20, 2016After 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 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.
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 334 past bearish weather events, Wheat (SRW) moved a median -0.2% over 5 sessions (47% higher; middle half -1.9% to +1.7%), and -0.2% 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.
