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Chicago soybean futures fell for a third straight session to a two-week low as rain reached parched South American growing areas. Corn also declined on rain relief in Argentina and southern Brazil, while wheat rose after a three-day slide.
Chinese import demand was flagged as a watch item after signs of slower hog-sector demand.
Rain easing drought concerns reduces the South American supply risk that had supported feed grain prices. Softer Chinese import demand from weaker hog margins would further weigh on soybean and meal prices.
brecorder.comReutersJan 19, 2022After 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 1,072 past bullish weather events, Wheat (SRW) moved a median +0.2% over 5 sessions (55% higher; middle half -1.4% to +2.3%), and +0.3% 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.
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.
Soybean futures fell for a third straight session to a two-week low as rain reached parched South American areas, reducing supply risk premium.
