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CBOT soybean futures fell on Friday after favourable rain in Brazil, the biggest global supplier, eased concerns about hot, dry weather. Prices had risen about 5% the previous week to their highest since August, and analysts still expect Brazil to produce a record crop.
Corn, wheat and soyoil also closed lower.
Improved Brazilian moisture reduces the risk of a smaller South American crop, which pressures soybean and soymeal prices. Lower CBOT soyoil and corn prices reflect the same easing of supply concerns.
brecorder.comReutersNov 25, 2023After 363 past bearish weather events, Soybeans moved a median -0.6% over 5 sessions (42% higher; middle half -2.5% to +1.1%), and -0.2% over 20.
After 118 past bearish weather events, Soybean Meal moved a median -0.8% over 5 sessions (35% higher; middle half -3.2% to +0.4%), and -1.6% over 20.
After 49 past bearish weather events, Soybean Oil moved a median -0.5% over 5 sessions (43% higher; middle half -3.2% to +1.0%), and -0.3% over 20.
After 357 past bearish weather events, Corn moved a median -0.3% over 5 sessions (44% higher; middle half -2.2% to +1.3%), 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.
