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Soybeans rallied sharply on July 27 on commercial and technical buying, with forecasts showing a return of hot, dry weather in many areas. Soybean meal rose sharply on strong domestic demand and solid crush margins, while palm oil strength supported soyoil.
Corn edged higher on concerns about possible heat-related yield losses.
Hot, dry weather during the critical August period could cut U.S. soybean and corn yields, tightening supplies and supporting prices for soymeal and feed grains. Strong crush margins keep soymeal demand firm.
brownfieldagnews.comJul 27, 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 184 past bullish weather events, Soybean Oil moved a median +0.3% over 5 sessions (53% higher; middle half -1.9% to +2.4%), 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.
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.
On July 27 soybeans rallied on heat forecasts, and meal rose sharply on strong domestic demand and solid crush margins.
Sharp July 27 rally on buying and hot, dry forecasts, with strong meal demand and palm-supported soyoil adding to the move.
