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Soybean futures fell early in the week as forecasts shifted and showers fell in parts of the Corn Belt, shifting the ridge west. Soymeal was supported by an explosion at the ADM Decatur plant, and corn and wheat also came under pressure.
Weather-driven selloffs in grains weigh on feed grain prices, while the ADM plant outage and tight cash meal supplies support soymeal values for feed buyers.
admis.comADMIS Research TeamJul 29, 2024After 363 past bearish weather events, SOY moved a median -0.6% over 5 sessions (42% higher; middle half -2.5% to +1.1%), and -0.2% over 20.
After 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 453 past bullish weather events, SBM moved a median +0.5% over 5 sessions (55% higher; middle half -1.6% to +2.7%), and +0.5% over 20.
After 334 past bearish weather events, WHEAT moved a median -0.2% over 5 sessions (47% higher; middle half -1.9% to +1.7%), and -0.2% 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.
