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Corn, soybeans and Chicago wheat drifted lower as traders rumored that Argentine soymeal would be shipped to the U.S. after a sharp rally. Rainfall in Mato Grosso ran about 30% below normal in October, delaying planting.
Private analysts were set to update crop projections before the November USDA report.
The inverted U.S. futures market gives domestic users an incentive to import Argentine meal, which could cap domestic meal price gains. Dry Brazilian weather is a support factor that could offset the import pressure.
feedandgrain.comCody BillsOct 2, 2020After 384 past bearish trade events, Soybean Meal moved a median -0.2% over 5 sessions (47% higher; middle half -1.7% to +1.6%), and -0.5% over 20.
After 803 past bearish trade events, Soybeans moved a median +0.0% over 5 sessions (51% higher; middle half -1.7% to +1.7%), and +0.9% 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.
