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U.S. soybean futures fell 3.8% on Thursday as new forecasts reduced the expected length of Corn Belt heat and added rain. Corn and wheat also closed lower after early two-week highs, and wheat was pressured by large Russian and U.S. harvest expectations.
Improved crop weather and expectations of big global harvests point to lower soybean, corn and wheat prices, which eases feed ingredient costs.
manitobacooperator.caGFM Network News, Mark WeinraubJul 14, 2016After 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.
After 357 past bearish weather events, Corn moved a median -0.3% over 5 sessions (44% higher; middle half -2.2% to +1.3%), and -0.5% over 20.
After 13 past neutral weather events, Crude Oil (WTI) moved a median +2.3% over 5 sessions (62% higher; middle half -0.9% to +4.7%), and +6.1% over 20.
After 70 past bearish weather events, Wheat (HRW) moved a median -0.6% over 5 sessions (41% higher; middle half -3.9% to +2.5%), and -1.1% 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.
