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Chicago soybean futures fell about 3% to their lowest since mid-August as the Pro Farmer Midwest Crop Tour reported above-average pod counts and good prospects in Minnesota, Illinois and Iowa. Corn and wheat also declined for a fourth session.
Strong crop prospects raise expected supply and push soybean prices lower, with soybean oil and meal following beans down. Soybeans priced about three times corn also weakened the outlook for demand.
grainews.caRod Nickel, GFM Network NewsAug 25, 2016After 363 past bearish weather events, Soybeans moved a median -0.6% over 5 sessions (42% higher; middle half -2.5% to +1.1%), and -0.2% 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 118 past bearish weather events, Soybean Meal moved a median -0.8% over 5 sessions (35% higher; middle half -3.2% to +0.4%), and -1.6% 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.
