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US soybean futures fell about 1% on Monday on profit-taking and beneficial rains in South American crop areas. CBOT January soybeans settled at $13.07-1/4 after touching $13.31-1/4.
December corn and wheat also declined, and USDA reported soybean export inspections of 1.89 million tonnes.
Improved South American rainfall eases supply worries and pressures soybean and corn prices, though export demand remains solid enough to meet USDA's forecast.
grainews.caJulie Ingwersen, GFM Network NewsOct 30, 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 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.
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.
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.
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.
