Loading…
CBOT November soybeans settled up 2.4% at $10.65 3/4, their highest since late July, while October soymeal jumped 6%. Hurricane Helene raised concerns about Gulf Coast infrastructure, and funds exited shorts ahead of key USDA reports.
Gulf Coast infrastructure worries and soymeal strength raise near-term soybean meal costs for feed buyers, though wheat weakness from Black Sea competition limits grain gains.
brecorder.comReutersSep 28, 2024After 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.
After 334 past bearish weather events, Wheat (SRW) moved a median -0.2% over 5 sessions (47% higher; middle half -1.9% to +1.7%), 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.
October soymeal jumped 6% as Hurricane Helene raised Gulf Coast infrastructure concerns and funds exited shorts, directly explaining the spike.
