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Soybean complex closed mixed on October 31, with meal up $3-5 and oil down 65-100 points. Brazil's soybean estimate was cut 2 million tons to 160 million by one analyst on replanting concerns, and the USDA announced a 240,000-ton soybean sale to Mexico.
Brazilian flooding and replanting risk tighten the export outlook for soybeans and meal, supporting feed protein prices.
admis.comMark SoderbergOct 31, 2023After 1,079 past bullish weather events, SOY 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, SBM moved a median +0.5% over 5 sessions (55% higher; middle half -1.6% to +2.7%), and +0.5% over 20.
After 49 past bearish weather events, SBO moved a median -0.5% over 5 sessions (43% higher; middle half -3.2% to +1.0%), and -0.3% 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.
