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Corn, soybeans, wheat and soybean oil rose modestly after reports that China may be buying U.S. commodities. Wheat prices stayed within their established trading range, with a technical resistance level limiting gains.
Chinese purchase rumors add modest demand support, but the moves are small and prices remain range-bound given comfortable supplies. Wheat exports face competition from Russia, which is low on exportable supplies, which could support U.S. wheat prices.
agweek.comAlex Norton, Beeson IncJan 20, 2019After 696 past bullish trade events, SOY moved a median +0.3% over 5 sessions (54% higher; middle half -1.3% to +1.9%), and +0.7% over 20.
After 431 past bullish trade events, WHEAT moved a median +0.0% over 5 sessions (50% higher; middle half -1.3% to +2.1%), and +0.5% 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 224 past bullish trade events, SBO moved a median +0.4% over 5 sessions (54% higher; middle half -1.5% 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.
