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Cash soybean prices were supported in December while uncertainty persisted over the content of a US-China phase-one deal. USDA reported soybean export sales of 27.1 million bushels for the week, and March corn closed above its 100-day average for the first time since August.
Trade-deal uncertainty keeps soybean and corn prices range-bound, with bullish potential if the China agreement firms up and purchases accelerate. Feed buyers should watch soybean meal and corn costs into early 2020.
brownfieldagnews.comDec 28, 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 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.
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.
