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Grain futures rallied on July 31 with November soybeans near $9.13, up about 90 cents from the July 16 low, and corn up over 33 cents. The rally followed news of planned US-China trade talks that week, after the EU signalled readiness to discuss tariff removal and soybean purchases without signing a deal.
Hopes for US-China talks and a hot, dry early August forecast for soybean pod-setting both support soybean prices. Any confirmed Chinese buying would be a major upside driver for soybeans and meal.
farmanddairy.comMarlin ClarkJul 31, 2018After 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.
