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ADM Investor Services reported that demand for US soymeal remains good, narrowing nearby spreads. USDA announced 264,000 mt of new-crop soybeans sold to China and new-crop corn sold to Mexico and Colombia.
Steady export demand for US meal and new-crop sales support prices, but a record harvest and heavy farmer selling limit rallies. Low Mississippi River levels add upward pressure on basis.
admis.comSteve FreedAug 29, 2024After 342 past bullish trade events, Soybean Meal moved a median +0.1% over 5 sessions (51% higher; middle half -1.1% to +2.6%), and +0.6% over 20.
After 480 past neutral trade events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.1% to +1.6%), and +0.7% over 20.
After 250 past neutral trade events, Soybeans moved a median +0.0% over 5 sessions (50% higher; middle half -1.4% to +1.6%), 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.
