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Soybeans and corn rose on spread trade, short covering and technical buying, with export sales up on the week led by Mexico and China. Brazil's ANEC projected October soybean exports at 6.71 million tons, nearly double last year, and Brazil continues to dominate the export market.
Brazil's dominant export pace caps US soybean and soymeal export demand, while the concentrated export sales to Mexico and China offer modest support for US corn and meal.
brownfieldagnews.comOct 5, 2023After 803 past bearish trade events, SOY moved a median +0.0% over 5 sessions (51% higher; middle half -1.7% to +1.7%), and +0.9% over 20.
After 729 past bullish trade events, CORN moved a median +0.4% over 5 sessions (56% higher; middle half -1.1% to +1.8%), and +0.5% over 20.
After 224 past neutral trade events, SBM moved a median -0.2% over 5 sessions (43% higher; middle half -1.7% to +1.2%), 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.
