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US soybean futures rose 2.8% on Monday to their highest in over three weeks, led by strong export demand and a 3.4% rally in soyoil after a NOPA report showed tighter-than-expected supplies. Corn gained in sympathy while wheat closed lower as traders took profits amid ample global stocks.
Soybeans also drew support from a 258,000-tonne sale of new-crop beans to China.
Tighter oil supplies and firm Chinese demand offset expectations of a record US harvest, supporting soybean, soyoil and corn prices. Feed buyers face firmer soybean meal and corn costs in the near term.
tnauportal.blogspot.comTNAU Agritech PortalAug 16, 2016After 747 past bullish report events, SOY moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.1%), and +0.8% over 20.
After 296 past bullish report events, SBO moved a median -0.0% over 5 sessions (49% higher; middle half -1.8% to +2.0%), and -0.5% over 20.
After 1,040 past bullish report events, CORN moved a median +0.5% over 5 sessions (62% higher; middle half -0.9% to +2.0%), and +0.8% over 20.
After 1,006 past bearish report events, WHEAT moved a median +0.0% over 5 sessions (50% higher; middle half -1.6% to +1.8%), 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.
