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US soybean futures gained for the week as forecasts pointed to drier weather during the grain-filling stage. November futures closed at 1407.75 cents per bushel, up 2.3%.
The report also cites record Brazilian output, weak US exports and Argentine crop losses as offsetting factors.
Dry US weather during pod filling threatens yield and supports soybean and meal prices, while large South American supplies cap rallies.
stonex.comStoneX Intelligence BrazilJul 24, 2023After 1,079 past bullish weather events, Soybeans 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, Soybean Meal moved a median +0.5% over 5 sessions (55% higher; middle half -1.6% to +2.7%), and +0.5% over 20.
After 18 past neutral weather events, Soybean Oil moved a median +2.6% over 5 sessions (72% higher; middle half -0.4% to +3.5%), and +3.6% 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.
