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Corn futures were about a nickel higher midmorning on corrective buying and export demand, with USDA reporting daily corn sales to Mexico, South Korea and unknown destinations. Argentina cut its 2024-25 corn planted area estimate by 2.1% due to lack of rainfall, and soybeans and soymeal traded higher.
Argentina's smaller corn area and continued US export sales support corn prices, while Brazil's planting progress limits the upside.
profarmer.comPro Farmer EditorsOct 21, 2024After 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 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.
After 184 past bullish weather events, Soybean Oil moved a median +0.3% over 5 sessions (53% higher; middle half -1.9% to +2.4%), 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.
