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Chicago soybeans rose for a second session on hot, dry weather in Brazil that slowed planting. Brazil's soybean planting reached 68% as of Thursday, behind last year's pace.
Wheat rebounded and corn edged lower, with a weaker dollar supporting grains.
Slow Brazilian planting and heat stress threaten yields in the top soybean exporter, supporting soy and meal prices. A weaker dollar also makes US-priced grains cheaper for importers.
brecorder.comReutersNov 21, 2023After 1,079 past bullish weather events, Soybeans 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 (SRW) moved a median +0.2% over 5 sessions (55% higher; middle half -1.4% to +2.3%), and +0.3% over 20.
After 357 past bearish weather events, Corn moved a median -0.3% over 5 sessions (44% higher; middle half -2.2% to +1.3%), and -0.5% over 20.
After 13 past bearish weather events, US Dollar (Broad) moved a median -0.2% over 5 sessions (38% higher; middle half -0.8% to +0.3%), and -0.3% 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.
