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Chicago soybean futures jumped 24.75 cents to $10.65 per bushel on September 27, while October soybean meal rose $19.50 to $343.70 per short ton. December corn gained 4.75 cents to $4.18 per bushel, while December wheat fell 4.25 cents.
Flooding from Hurricane Helene and dry Brazilian weather raised soybean and meal prices, lifting feed input costs for buyers. Corn gains from Carolinas crop damage add modest support.
thejacobsen.comSep 27, 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 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 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.
Reports October soybean meal futures rose $19.50 to $343.70 per short ton on hurricane-damage concerns, which is the move itself and its main driver.
