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Soybean futures gained 33.75 cents to 1,248.75 cents/bu in the July contract and soybean meal rose 15.40 to 387.60 USD/short ton. Flooding in key Brazilian growing areas and drought in parts of the US Midwest drove the gains, and US export shipments recovered but trail last year.
Brazilian flooding and US dryness reduce expected soybean and meal supply, pushing feed protein costs higher. Lagging US export pace limits the offset.
zmp.deMay 7, 2024After 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.
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.
Brazil flooding and US Midwest dryness lifted July soybeans 33.75 cents and soybean meal $15.40/st on May 7, directly driving the 5-day gain in meal.
It reports soymeal up 15.40 on Brazilian flooding and US drought; the dating (May 7) suggests it may describe the May 6 move or a continuation, so it is likely the same supply-shock driver.
Meal rose $15.40 on Brazil flooding and US dryness, confirming the weather-driven rally.
