# Weather and Supplies Hold Back Corn and Wheat, Soybeans Rally Following Bean Oil - AgWeb

> Grain futures closed mixed, with soybeans rallying for a third day on spillover from soybean oil, which had climbed over 600 points since June 25 on Indonesian tariff news. Corn fell on favorable Corn Belt weather and wheat struggled to confirm a low during US harvest.

- Date: 2024-07-03 · published 2024-07-03T12:00:00.000Z
- Category: market · region US · magnitude low
- Page: https://feedsoft.ai/events/12749-weather-and-supplies-hold-back-corn-and-wheat-soybeans-rally-following-bean-oil
- Commodities: [Soybeans](https://feedsoft.ai/c/SOY.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md), [Corn](https://feedsoft.ai/c/CORN.md), [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md)

## Why it matters

Soybean oil strength lifted soybeans, while corn and wheat remained pressured by good weather and ample supply. Feed grain prices face downside unless weather or a supply shock changes the picture.

## Read by commodity

- SBO: bullish ▲
- SOY: bullish ▲
- CORN: bearish ▼
- WHEAT: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| SBO | 2024-07-08 | 5 | +10.4% | 2.8 | Confirms soyoil climbed over 600 points since June 25 on Indonesian tariff news, with spillover lifting soybeans. |

## Sources

- agweb.com: https://www.agweb.com/soybeans-rally-bean-oil-corn-and-wheat-continue-struggle

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.