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US soybean futures rose for a third day on March 4, nearing a six-week high, on hopes of increased export demand and support from equity gains. Traders said Argentina's raised export taxes on soybeans, soyoil and soymeal could push Argentine farmers to store beans and give the US more global sales.
Argentine tax-driven holding tightens South American supply and supports US soy export prices, which helps soymeal and soyoil values for feed buyers.
financialpost.comReutersMar 4, 2020After 696 past bullish trade events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.3% to +1.9%), and +0.7% over 20.
After 342 past bullish trade events, Soybean Meal moved a median +0.1% over 5 sessions (51% higher; middle half -1.1% to +2.6%), and +0.6% over 20.
After 224 past bullish trade events, Soybean Oil moved a median +0.4% over 5 sessions (54% higher; middle half -1.5% to +2.1%), 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.
