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Grain and soybean futures rose on Friday as fund buying followed concerns about dry weather in Argentina that threatens corn and soybean crops. Crude oil gains and a weaker US dollar also supported CBOT prices, with December corn up 0.9% and January soybeans up 0.9%.
Argentine dryness risk and fund short covering lift near-term feed grain and soymeal values, though forecasts of partial rain limit the rally.
foxbusiness.comBenjamin ParkinDec 1, 2017After 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 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.
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.
