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Soybeans and corn rose on fund and technical buying, with soyoil up on crude and palm strength while meal was pressured by product spreads. Mexico bought 359,500 tons of US corn, and China continues to rely on Brazilian soybeans over concerns about renewed US tariffs.
Low Mississippi River water levels are an emerging issue.
Low river levels could raise barge freight and slow grain shipments, while China's preference for Brazilian beans supports Brazilian export demand over US supply.
brownfieldagnews.comJohn PerkinsOct 22, 2024Not enough comparable past events yet for a historical read.
After 285 past bullish logistics events, Corn moved a median +0.1% over 5 sessions (52% higher; middle half -1.5% to +1.5%), and +0.8% over 20.
After 206 past bullish logistics events, Soybeans moved a median +0.5% over 5 sessions (56% higher; middle half -1.3% to +2.6%), and +1.4% over 20.
After 34 past bearish logistics events, Soybean Meal moved a median +0.4% over 5 sessions (53% higher; middle half -1.8% to +2.6%), and -1.2% 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.
