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Jyske Markets reports Black Sea wheat rising to about $235/ton FOB amid dry conditions in southern Russia and Southeast Europe. China bought 132,000 tonnes of US soybeans in a day, and USDA announced sales of 110,231 tonnes of soybean meal to an unknown destination.
Dry weather risks to Black Sea wheat plantings and continued Chinese soybean buying support wheat and soybean complex prices, while soybean meal sales add export demand.
maskinbladet.dkSep 21, 2020After 1,072 past bullish weather events, Wheat (SRW) moved a median +0.2% over 5 sessions (55% higher; middle half -1.4% to +2.3%), and +0.3% over 20.
After 1,079 past bullish weather events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.0%), and +0.9% over 20.
After 453 past bullish weather events, Soybean Meal moved a median +0.5% over 5 sessions (55% higher; middle half -1.6% to +2.7%), 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.
