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Chicago March soybean futures rose 3.7% to $508.5/t and soybean oil climbed 3.5% to a seven-year high of $983/t after China reportedly bought a large consignment of U.S. corn. Argentina's carriers halted their strike, while Malaysian palm oil futures edged up 0.7% under pressure from weak demand and higher output.
Strong Chinese U.S. corn buying and firm soy oil prices lift feed input costs, while the end of Argentine strikes removes a logistical support factor for soy oil.
graintrade.com.uaJan 27, 2021After 696 past bullish trade events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.3% to +1.9%), and +0.7% over 20.
After 224 past bullish trade events, Soybean Oil moved a median +0.4% over 5 sessions (54% higher; middle half -1.5% to +2.1%), and -0.5% over 20.
After 342 past bullish trade events, Soybean Meal moved a median +0.1% over 5 sessions (51% higher; middle half -1.1% to +2.6%), and +0.6% over 20.
After 729 past bullish trade events, Corn moved a median +0.4% over 5 sessions (56% higher; middle half -1.1% to +1.8%), and +0.5% 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.
