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Corn, soybean and soybean oil futures fell on July 13 after the Supreme Court sided with oil refiners in a Renewable Fuels Standard dispute. Before that, prices were driven by weather.
Analysts flagged dry areas in the northwest Corn Belt and the upcoming June acreage report.
The court ruling weakens biofuel demand expectations, which pressures soybean oil and soybean crush values. Weather and acreage uncertainty keep corn and soybean prices volatile.
agweb.comTyne MorganJul 13, 2021After 351 past bearish policy events, SBO moved a median -0.0% over 5 sessions (49% higher; middle half -1.7% to +1.8%), and -0.2% over 20.
After 369 past bearish policy events, SOY moved a median -0.2% over 5 sessions (46% higher; middle half -1.7% to +1.8%), and +0.8% over 20.
After 310 past bearish policy events, CORN moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +1.9%), and +0.6% 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.
