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U.S. soybean futures rebounded after a sharp drop earlier in the week, as Argentina's Agriculture Ministry suspended agricultural export registrations until further notice. The move was seen as a precursor to higher grain export taxes under the new Peronist government.
Corn and wheat were mixed after a coronavirus-driven sell-off on Monday.
Expected Argentine export tax hikes would reduce Argentina's export competition in soy and meal, supporting global soybean and meal prices. Buyers should watch for the formal tax announcement.
feedandgrain.comOct 2, 2020After 356 past bullish policy events, Soybeans moved a median +0.1% over 5 sessions (53% higher; middle half -1.2% to +2.3%), and -0.9% over 20.
After 172 past bullish policy events, Soybean Meal moved a median +0.0% over 5 sessions (50% higher; middle half -1.5% to +1.7%), and -0.8% 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.
