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Soybeans and soybean meal rose on commercial buying, with China buying 198,000 tons of US beans and unknown destinations buying 378,000 tons. South Korea bought 276,000 tons of US corn, and USDA may raise its export estimate.
Statistics Canada put its 2016 soybean crop at a record.
Fresh export sales from China and South Korea draw down US supplies and support prices for soybeans and corn. Firm meal demand also supports feed ingredient costs.
brownfieldagnews.comJohn PerkinsDec 6, 2016After 696 past bullish trade events, SOY 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.
After 342 past bullish trade events, SBM moved a median +0.1% over 5 sessions (51% higher; middle half -1.1% to +2.6%), and +0.6% 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.
