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Soybean prices rose to a four-year high as governments rebuilt stocks amid fears of COVID-related trade disruption and China restocked its hog herd after African swine fever. Dry weather in South America and Brazil and Argentina also cut output expectations, and Chicago December corn rose above $11 per bushel.
Strong import demand from China and restocking by importers push up soybean and corn prices, raising feed costs for buyers.
farmersjournal.ieAndy DoyleNov 6, 2020After 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 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 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.
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.
