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Soybean prices rose about 0.4% as continued dryness in Argentina raised doubts about yield potential, with planted area slipping to 44.5 million acres. US drought expanded to 60.93% of the country by January 16, the widest since September 2013.
Wheat and corn moved in opposite directions on technical trading.
Argentine yield doubts and expanding US drought support soybean prices, and the US drought could affect 2018 crop expectations. Price effects are moderate so far given limited confirmed crop loss.
feedstuffs.comJan 19, 2018After 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 445 past neutral weather events, CORN moved a median +0.1% over 5 sessions (52% higher; middle half -1.4% to +1.6%), and +0.7% over 20.
After 224 past neutral weather events, WHEAT moved a median -0.1% over 5 sessions (46% higher; middle half -1.4% to +1.5%), and +0.4% 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.
