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CBOT soybean futures fell to their lowest since November 2020 for a third straight session, with August contracts settling at $11.31 1/4 after a 17 3/4 cent drop. The USDA rated 68% of the U.S. soybean crop good or excellent, the best for this time of year since 2020.
Wheat rose slightly on European yield concerns and possible harvest delays from Hurricane Beryl, while corn edged up on a technical move.
Strong U.S. crop ratings and weak crush margins keep downward pressure on soybeans and soybean meal. Wheat's gain on European crop worries provides only modest support.
trade4go.comJul 13, 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 1,072 past bullish weather events, Wheat (SRW) moved a median +0.2% over 5 sessions (55% higher; middle half -1.4% to +2.3%), and +0.3% 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.
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.
CBOT soybeans fell to a four-year low on weak demand and excess supply, with the best US crop ratings since 2020.
CBOT soybeans fell to a four-year low on weak demand and excess supply with strong US crop ratings, a bearish supply backdrop for meal.
Prices at a four-year low on excess supply and strong crop ratings set up the downtrend and selling momentum.
