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Chicago soybeans rallied on December 23 as an Argentine labor strike slowed exports, with the most-active contract reaching its highest level since 2014. Corn and wheat followed higher on Argentina export woes and South American dryness.
Soymeal shipments from Argentina were hampered by stalled port labor talks.
Supply disruption from Argentina combined with dryness in South America tightens near-term meal and grain availability, supporting soybean and feed grain prices.
brecorder.comReutersDec 23, 2020After 206 past bullish logistics events, Soybeans moved a median +0.5% over 5 sessions (56% higher; middle half -1.3% to +2.6%), and +1.4% over 20.
After 167 past bullish logistics events, Soybean Meal moved a median +0.5% over 5 sessions (54% higher; middle half -1.8% to +2.9%), and -1.2% over 20.
After 285 past bullish logistics events, Corn moved a median +0.1% over 5 sessions (52% higher; middle half -1.5% to +1.5%), and +0.8% over 20.
After 283 past bullish logistics events, Wheat (SRW) moved a median -0.2% over 5 sessions (46% higher; middle half -1.4% to +1.3%), and -0.1% 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.
