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CBOT soybean futures fell to their lowest since November 2021 and corn hit its lowest since December 2020 before closing higher on short covering. Beneficial rains in Brazil eased drought damage concerns in the world's top soybean exporter.
Improved Brazilian crop prospects point to ample global supplies, pressuring soy, corn and meal prices, though oversold conditions limited the decline.
agcanada.comAGCanadaJan 18, 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 357 past bearish weather events, Corn moved a median -0.3% over 5 sessions (44% higher; middle half -2.2% to +1.3%), and -0.5% 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.
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.
