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DTN analyst Todd Hultman reports China's soybean futures broke below their 50-day average, ending a five-month uptrend. Rain forecasts for central Brazil, including Mato Grosso, after a dry spell weighed on both US and Brazilian soybean prices in early December.
Rain in Brazil's key producing region reduces drought risk to the new crop and eases supply worries, a bearish factor for soybean prices if China's demand is slowing.
dtnpf.comTodd HultmanDec 4, 2020After 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.
