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Soybeans fell sharply on fund and technical selling as coronavirus spread to Japan, South Korea, Iran and Italy, with soybean meal and oil following lower. Mexico bought 163,290 tons of US soybeans, the first USDA-announced sale in three weeks.
Corn held up relatively well but hit a multi-month low.
Coronavirus demand concerns and expected record Brazilian output are weighing on soybean complex prices, while the Mexican purchase offers limited support for US export demand.
brownfieldagnews.comFeb 25, 2020After 273 past bearish macro events, SOY moved a median -0.4% over 5 sessions (44% higher; middle half -2.4% to +1.4%), and -0.5% over 20.
After 117 past bearish macro events, SBM moved a median -0.6% over 5 sessions (41% higher; middle half -2.5% to +1.7%), and +0.5% over 20.
After 40 past bearish macro events, SBO moved a median -0.8% over 5 sessions (45% higher; middle half -4.5% to +1.7%), and -1.5% over 20.
After 301 past bearish macro events, CORN moved a median -0.1% over 5 sessions (47% higher; middle half -2.2% to +1.3%), and +0.2% 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.
