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Soybean prices rose about $0.60 since early December, mostly after positive US-China trade news. China reportedly agreed to buy $40 billion of US ag products annually for two years, and funds added to their soybean short-covering.
Expected Chinese purchases favor soybeans as China's largest ag import, with spillover support to corn, ethanol, and wheat. Speculative short covering adds near-term price pressure upward.
hensallco-op.caDec 17, 2019After 696 past bullish trade events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.3% to +1.9%), and +0.7% over 20.
After 729 past bullish trade events, Corn moved a median +0.4% over 5 sessions (56% higher; middle half -1.1% to +1.8%), and +0.5% over 20.
After 431 past bullish trade events, Wheat (SRW) moved a median +0.0% over 5 sessions (50% higher; middle half -1.3% to +2.1%), and +0.5% 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.
