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Chicago soybeans traded near a 6-1/2-year high as dry weather and export disruptions in South America supported prices. Argentina announced it will suspend corn export sales until Feb.
28 to secure domestic food supplies.
Argentina's suspension of corn exports removes a major supply source, lifting corn and soybean prices for feed buyers.
brecorder.comReutersJan 5, 2021After 356 past bullish policy events, Soybeans moved a median +0.1% over 5 sessions (53% higher; middle half -1.2% to +2.3%), and -0.9% over 20.
After 318 past bullish policy events, Corn moved a median -0.1% over 5 sessions (48% higher; middle half -1.4% to +1.5%), 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.
Argentina suspending corn export sales to Feb 28 along with South American dryness tightened global export supply and supported prices on Jan 5.
