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Chicago soybean futures fell after five sessions of gains, pressured by technical resistance at moving averages and forecasts of rain in Brazil and Argentina. The most-active November contract closed 21.5 cents lower at $12.24 a bushel.
Weekly U.S. soybean export sales of 2.88 million tonnes, mainly to China, beat expectations.
Rain forecasts in South America reduce the risk of dryness-driven yield losses there, which weighs on soybean and meal prices. Strong U.S. export sales offer some support.
agcanada.comAGCanadaOct 21, 2021After 363 past bearish weather events, Soybeans moved a median -0.6% over 5 sessions (42% higher; middle half -2.5% to +1.1%), and -0.2% 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.
