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Soybeans and corn fell on speculative and technical selling. Rain reached drier areas of the Midwest and Plains after a hot, dry late July and early August.
Mexico bought 228,606 tons of U.S. soybeans, and a possible La Nina was flagged for later in 2022.
Rainfall should limit further yield cuts, easing supply concerns and pressuring prices. A potential La Nina could later dry South America and support U.S. export demand.
brownfieldagnews.comAug 16, 2022After 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.
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.
After 118 past bearish weather events, Soybean Meal moved a median -0.8% over 5 sessions (35% higher; middle half -3.2% to +0.4%), and -1.6% over 20.
After 49 past bearish weather events, Soybean Oil moved a median -0.5% over 5 sessions (43% higher; middle half -3.2% to +1.0%), and -0.3% 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.
