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US soybean futures rose on February 13, with the March contract settling up 3.75 cents at $8.96-1/4 for a ninth straight higher close, on hopes that China would step up purchases under the Phase One deal. Wheat and corn fell under a stronger dollar, coronavirus worries and expectations of large South American harvests.
Expectations of Chinese buying under Phase One support US soybean and meal prices, while a firmer dollar and larger South American crops weigh on corn and wheat.
agcanada.comAGCanadaFeb 13, 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 683 past bearish trade events, Corn moved a median -0.2% over 5 sessions (47% higher; middle half -1.7% to +1.6%), and +0.3% over 20.
After 375 past bearish trade events, Wheat (SRW) moved a median -0.2% over 5 sessions (47% higher; middle half -2.0% to +1.1%), and -0.1% 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.
