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Soybeans finished the week of December 22, 2023 up 4.5 cents after trading lower most of the week on a wetter South American forecast. Corn was pressured by disrupted Mexico exports after rail crossings were closed, and wheat was weighed by Russia's export competition.
US Customs reopened the crossings on Friday.
Rain in Brazil reduces the weather premium on soybeans, while Russian wheat competition caps US wheat prices. Reopened Mexican rail lanes should help corn and wheat move.
brownfieldagnews.comMeghan GrebnerDec 22, 2023After 324 past neutral weather events, Soybeans moved a median +0.0% over 5 sessions (52% higher; middle half -1.4% to +1.7%), and +0.7% 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 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.
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.
