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Chicago soybean futures closed the week of November 22 at 983.5 cents/bu, down 1.5%, as good South American crop progress weighed on prices. Speculative funds covered shorts, and StoneX raised its Brazil 2024/25 production estimate to a record.
Record Brazilian output and favorable South American weather add export competition, keeping soybean and meal prices under pressure. Doubts over US biofuel incentives also weigh on soyoil demand for crushing.
stonex.comStoneX Intelligence BrazilNov 25, 2024After 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 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 49 past bearish weather events, Soybean Oil moved a median -0.5% over 5 sessions (43% higher; middle half -3.2% to +1.0%), and -0.3% 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.
