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Chicago soybeans closed higher at $13.94-3/4 a bushel, reaching their highest level since July on South American weather risks. Corn fell 7-1/4 cents to $6.02-1/4 and CBOT wheat fell 9-1/4 cents to $7.60-3/4.
Dryness in Argentina and southern Brazil threatened crops, while excess rain in northern Brazil slowed harvest.
Yield-loss risks in major exporting countries support soybean and corn prices. Harvest delays from wet weather in northern Brazil may also tighten near-term export availability.
agcanada.comAGCanadaJan 5, 2022After 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 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 334 past bearish weather events, Wheat (SRW) moved a median -0.2% over 5 sessions (47% higher; middle half -1.9% to +1.7%), and -0.2% 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.
