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US soybean futures rose on Friday, tracking gains in vegetable oils and crude oil, and on drought and policy concerns over Argentina's supply. Buenos Aires grains exchange said Argentina's 2021/22 soybean, corn and sunflower harvest forecasts could be cut further due to adverse weather.
Wheat also rose on slim progress in Russia-Ukraine peace talks.
Argentina is a top soybean and meal exporter, so a smaller crop tightens global soymeal and oil supplies and supports prices. Firm crude and vegoils add further upward pressure on soybean values.
brecorder.comReutersMar 18, 2022After 1,079 past bullish weather events, SOY 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, SBM 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, SBO moved a median +0.3% over 5 sessions (53% higher; middle half -1.9% to +2.4%), and -0.5% over 20.
After 445 past neutral weather events, CORN moved a median +0.1% over 5 sessions (52% higher; middle half -1.4% to +1.6%), and +0.7% 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.
