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Chicago soybean futures rose for a fourth straight week, trading near $15.78 per bushel, after a severe drought curbed output in Brazil and Argentina. Conab cut Brazil's soybean estimate to 125.5 million tonnes, well below USDA's 134 million forecast, and Argentina's Rosario exchange warned of a possible 2018-style disaster.
Sharply reduced South American crops tighten global soybean supply, supporting prices and raising costs for soymeal-based feed.
brecorder.comReutersFeb 11, 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.
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.
