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U.S. soybean futures climbed to fresh 6-1/2-year highs on fund-driven technical buying and concerns about South American supplies. Corn and wheat also closed higher, with wheat reaching its highest benchmark price since 2014.
Dry conditions and production worries in Brazil and Argentina tighten global supply, supporting soybean, corn and wheat prices for feed buyers.
agcanada.comAGCanadaJan 5, 2021After 1,079 past bullish weather events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.0%), and +0.9% over 20.
After 1,465 past bullish weather events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.4% to +1.9%), and +0.9% 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.
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.
