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US soybean futures rose for a fourth straight session to a six-month high on worries that heavy rain could damage Argentine crops. Soymeal also hit a six-month high, while wheat and corn closed lower on profit-taking.
Argentina is the top soymeal exporter, so crop damage there would tighten global meal supplies and raise feed protein costs.
farmtario.comJulie Ingwersen, Renita D. YoungJan 18, 2017
manitobacooperator.caGFM Network News, Julie Ingwersen, Renita D. YoungJan 18, 2017After 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.
After 445 past neutral weather events, Corn moved a median +0.1% over 5 sessions (52% higher; middle half -1.4% to +1.6%), and +0.7% over 20.
After 1,079 past bullish weather events, Soybeans 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, Soybean Meal moved a median +0.5% over 5 sessions (55% higher; middle half -1.6% to +2.7%), 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.
