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Analyst Mike Zuzolo says traders are focusing on harvest delays across the Upper Midwest, where only 38% of soybeans were harvested versus a 53% five-year average. Soybean futures contracts beyond November closed above $9 a bushel.
Slow soybean harvest and firm futures above $9 support soybean meal and feed costs, while corn harvest is ahead of last year, which weighs on corn.
brownfieldagnews.comMark DorenkampOct 16, 2018After 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 453 past bullish weather events, Soybean Meal moved a median +0.5% over 5 sessions (55% higher; middle half -1.6% to +2.7%), and +0.5% over 20.
After 357 past bearish weather events, Corn moved a median -0.3% over 5 sessions (44% higher; middle half -2.2% to +1.3%), 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.
Harvest delays in the Upper Midwest tightened near-term supply expectations and supported soybean complex futures.
