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Soybean and soyoil futures rallied on June 9 after the WASDE report, with soybeans up about 1.75% and soyoil up more than 4%. Corn prices fell nearly 1% and CBOT wheat made moderate gains.
Fund buying was noted in several contracts, and the market reacted to the USDA balance sheet data.
Stronger soybean and soyoil prices raise the cost of soybean meal and oil inputs for feed formulators, while corn softness lowers grain costs. The wheat moves are small.
feedstuffs.comBen PotterJun 9, 2023Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
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.
Soyoil futures rallied more than 4% on June 9 after the WASDE with fund buying, which is the same momentum that carried into the 5.56% move ending June 12, though the dates differ by a trading session.
