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Soybean and grain futures fell midweek as weak long liquidation continued. Forecasts for better Midwest rain prompted the selling, with November soybeans down 29 1/4 cents to $12.65 and August soybean meal down $6.30 to $393.70.
Improved rainfall prospects for stressed Midwest crops ease weather risk premium, which pressures soybean, meal and corn prices unless dryness returns.
agweb.comJun 28, 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 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.
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.
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.
