Loading…
Chicago soybean futures fell more than 1% on April 14 as soymeal dropped to life-of-contract lows. Several US meat plants had temporarily closed after COVID-19 outbreaks among workers, raising fears of livestock backing up on feedlots and farms.
Wheat and corn also eased.
Plant closures cut feed demand for soymeal, which pulls down soybean crush economics and soybean prices. Livestock backlogs add pressure on feed demand until processing capacity returns.
grainews.caGFM Network NewsApr 14, 2020After 50 past bearish disease events, Soybeans moved a median +0.5% over 5 sessions (58% higher; middle half -1.7% to +2.4%), and +0.0% over 20.
After 167 past bearish disease events, Soybean Meal moved a median -0.6% over 5 sessions (40% higher; middle half -1.8% to +1.4%), and -0.8% 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.
