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CBOT futures closed strongly higher, with old-crop soybeans up over 2% and soybean meal up over 4%. Corn and wheat gained almost 2%, and live cattle traded to new highs.
Heavy rain in Argentina reduced expected soybean acreage, and a sharply weaker US dollar drew in spec buying.
Argentine crop losses and a weaker dollar lift US-priced feed ingredients, while cattle gains reflect tighter feedlot supplies.
kyfb.comJan 17, 2017After 1,079 past bullish weather events, SOY moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.0%), and +0.9% over 20.
After 453 past bullish weather events, SBM moved a median +0.5% over 5 sessions (55% higher; middle half -1.6% to +2.7%), and +0.5% over 20.
After 1,465 past bullish weather events, CORN moved a median +0.2% over 5 sessions (54% higher; middle half -1.4% to +1.9%), and +0.9% over 20.
After 80 past bullish weather events, LCATTLE moved a median +0.1% over 5 sessions (54% higher; middle half -0.8% to +1.3%), and +0.7% 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.
