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Soybeans and wheat closed 2019 modestly higher on short covering and technical buying. President Trump said phase one of the China trade deal will be signed January 15, and Brazil's Mato Grosso harvest started more than two weeks early.
Expected China purchases of US farm goods are supportive for soybeans, corn and DDGS, while early Brazilian harvest adds export supply pressure.
brownfieldagnews.comDec 31, 2019After 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 431 past bullish trade events, Wheat (SRW) moved a median +0.0% over 5 sessions (50% higher; middle half -1.3% to +2.1%), and +0.5% over 20.
After 729 past bullish trade events, Corn moved a median +0.4% over 5 sessions (56% higher; middle half -1.1% to +1.8%), and +0.5% over 20.
Not enough comparable past events yet for a historical read.
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.
