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On December 26, 2023, soybeans rose on stronger soybean meal, with traders watching Brazil's uneven rainfall forecasts. Corn gained on reopened Mexico rail lines and steady export inspections.
Wheat rose as a softer US dollar and multi-year low prices improved US competitiveness, while Black Sea developments were also watched.
A weaker dollar and low prices support US wheat export demand. Brazil's soybean and corn crop uncertainty and renewed Mexico rail flows provide modest price support.
brownfieldagnews.comMeghan GrebnerDec 26, 2023After 57 past bullish macro events, Wheat (SRW) moved a median +0.3% over 5 sessions (65% higher; middle half -0.5% to +1.7%), and -0.7% over 20.
After 151 past bullish macro events, Corn moved a median +0.2% over 5 sessions (57% higher; middle half -0.9% to +1.4%), and -0.3% over 20.
After 123 past bullish macro events, Soybeans moved a median +0.3% over 5 sessions (60% higher; middle half -1.0% to +1.8%), and -0.4% over 20.
After 44 past bullish macro events, Soybean Meal moved a median -0.6% over 5 sessions (34% higher; middle half -1.9% to +0.9%), and -2.9% 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.
Corn gained on reopened Mexico rail lines restoring export flows plus steady export inspections, supporting demand after the earlier selloff.
