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Soybeans and soybean meal rose on commercial and technical buying, with meal supported by concern over Argentina's crop. Argentina's soybean planting was 37.1% complete, well behind last year due to dry, hot weather in the forecast.
Corn and wheat also edged higher, and China's November soybean imports fell 14% year on year.
Dry weather threatening Argentina's soybean and meal output, the world's largest exporter of soybean products, supports soybean meal prices for feed buyers. Weaker Chinese import demand offsets some of that support.
brownfieldagnews.comDec 7, 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 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 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.
After 1,072 past bullish weather events, Wheat (SRW) moved a median +0.2% over 5 sessions (55% higher; middle half -1.4% to +2.3%), and +0.3% 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.
