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Soybeans, corn and wheat gained on commercial and speculative buying, with soybeans closing near session highs and a new contract high for May. Buenos Aires Grain Exchange rated 76% of Argentina's beans and corn in poor to very poor condition and cut its soybean production outlook to 44 million tons.
China and unknown buyers also purchased 246,000 tons of U.S. soybeans combined.
Argentine drought losses tighten South American export supply and support global soybean, meal and corn prices, while Chinese purchases add demand support.
brownfieldagnews.comMar 1, 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 1,465 past bullish weather events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.4% to +1.9%), and +0.9% over 20.
After 1,072 past bullish weather events, Wheat (SRW) moved a median +0.2% over 5 sessions (55% higher; middle half -1.4% to +2.3%), and +0.3% 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.
