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Soybeans rose about 15 cents and wheat about 7 cents in the morning break after a technical breakout and a surging spot soymeal market. Concerns about Australian wheat output falling up to 5% on dry weather, plus purchases by Taiwan millers and Iran's government of U.S. wheat and Black Sea feed barley, supported prices.
U.S. harvest progress was in line with expectations.
Lower Australian wheat supply and firm import demand from Iran and Taiwan tighten feed grain balances. These factors support higher prices for wheat and barley used in feed.
feedandgrain.comCody BillsOct 2, 2020After 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 1,072 past bullish weather events, WHEAT moved a median +0.2% over 5 sessions (55% higher; middle half -1.4% to +2.3%), and +0.3% over 20.
Not enough comparable past events yet for a historical read.
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.
