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Soybean futures rallied 37% this spring after flooding in Argentina prompted heavy buying, catching many traders off guard. Cargill and Bunge sold most of the soybeans they held for farmers at about $9 a bushel, well below the June peak near $12.
The episode shows how Argentine supply shocks can drive sharp price swings, which matters for feed buyers hedging soybean meal costs. The sales at lower prices reflect how far the rally has reversed.
reuters.comTom PolansekAug 24, 2016Not enough comparable past events yet for a historical read.
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.
