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US soybean futures reached a new four-year high after Pfizer reported positive late-stage COVID-19 vaccine trial data, which lifted hopes for a faster economic recovery. Soybeans were also supported by strong Chinese demand and South American weather risks, while wheat slipped.
Broader risk sentiment and expected Chinese buying support soybean prices, which also feed into soymeal costs for feed buyers.
country-guide.caTom PolansekNov 9, 2020After 123 past bullish macro events, Soybeans moved a median +0.3% over 5 sessions (60% higher; middle half -1.0% to +1.8%), and -0.4% over 20.
After 69 past bearish macro events, Wheat (SRW) moved a median -0.5% over 5 sessions (35% higher; middle half -2.6% to +0.8%), and -0.7% 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.
