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Chicago soybeans rose to about $15.26 a bushel on Dec 30, on track for a fourth straight annual gain. Support came from a drought in Argentina and expectations of stronger Chinese demand as Beijing eases COVID controls.
Wheat and corn also edged higher.
Argentine dry weather threatens soybean and meal supply from the top exporter just as China, the largest importer, restocks, which supports soybean and meal prices into 2023.
financialpost.comReutersDec 30, 2022After 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 1,465 past bullish weather events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.4% to +1.9%), and +0.9% 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.
