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Early winter weather is raising doubts about corn planting in the US safe-haven region. Soybean futures were down 8.2% for the year despite China returning to the market after six months.
Corn futures were on track for their biggest annual gain since 2012.
Record soybean supplies are pressuring soy prices, while the weather risk and better corn returns favor corn acreage and support corn prices.
reuters.comMark WeinraubDec 24, 2018After 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 363 past bearish weather events, Soybeans moved a median -0.6% over 5 sessions (42% higher; middle half -2.5% to +1.1%), 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.
