Loading…
Soybeans, meal and oil rose on short covering and technical buying, with the US planting pace the slowest on record. Mexico bought 113,000 tons of old-crop US corn, and Ukraine estimated 2019/20 corn output at 33.1 million tons, down from 35.6 million.
Record-slow planting and Mexican buying support US corn and soymeal prices, while smaller Ukrainian exports reduce competition for US corn next season.
brownfieldagnews.comMay 24, 2019After 1,465 past bullish weather events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.4% to +1.9%), and +0.9% 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.
After 184 past bullish weather events, Soybean Oil moved a median +0.3% over 5 sessions (53% higher; middle half -1.9% to +2.4%), 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.
Soybeans, meal and oil rallied on short covering as US planting pace was the slowest on record, a direct supply-risk driver of meal price gains.
Soybeans and meal rallied on short covering and the slowest US planting pace on record, which is the supply-risk and technical impulse feeding into the late-May move.
