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US soybean futures rose for a second session as soyoil gained over 1% on biodiesel demand. EIA data showed soyoil used for biodiesel in May rose to 778 million pounds from 672 million in April, while corn was little changed on benign Midwest weather.
Strong biodiesel use supports soyoil prices and may lead USDA to raise its soyoil-for-biofuel estimate, supporting soybean values.
brecorder.comReutersJul 31, 2020After 296 past bullish report events, Soybean Oil moved a median -0.0% over 5 sessions (49% higher; middle half -1.8% to +2.0%), and -0.5% over 20.
After 747 past bullish report events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.1%), and +0.8% over 20.
After 770 past neutral report events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.1% to +1.6%), and +0.7% 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.
