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Corn, soybeans and cattle were higher on Thursday as technical buying and weather premium added to prices amid a hot, dry extended forecast for Argentina and Southern Brazil. Cattle futures followed record cash prices in the South.
Dry South American forecasts raise concerns about soybean meal and corn supplies, supporting feed costs, while record cash cattle prices signal firm livestock demand.
agweb.comJan 2, 2025After 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 1,079 past bullish weather events, SOY moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.0%), and +0.9% over 20.
After 453 past bullish weather events, SBM moved a median +0.5% over 5 sessions (55% higher; middle half -1.6% to +2.7%), and +0.5% over 20.
After 80 past bullish weather events, LCATTLE moved a median +0.1% over 5 sessions (54% higher; middle half -0.8% to +1.3%), and +0.7% 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.
Cattle futures extended gains on Jan 2 following record southern cash prices, indicating positive momentum and sentiment entering the new year.
