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Soybeans and corn extended their rally on July 1, 2020, with November soybeans reaching a three-month high and December corn a multi-month high. Traders cited the lower-than-expected acreage total and a warmer, drier Midwest pattern that could stress developing crops.
Brazil's June soybean sales were projected at 11.9 million tons.
Crop weather risk combined with reduced US acreage tightens expected supplies, supporting feed grain and soymeal prices. Competition from Brazil and other exporters limits how far US export gains can extend.
brownfieldagnews.comJul 2, 2020After 1,465 past bullish weather events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.4% to +1.9%), and +0.9% over 20.
After 1,079 past bullish weather events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.0%), and +0.9% over 20.
After 453 past bullish weather events, Soybean Meal moved a median +0.5% over 5 sessions (55% higher; middle half -1.6% to +2.7%), 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.
