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CBOT soybeans rose nearly 20 cents in the week ended October 18 to $9.835 per bushel, while December corn gained 2.5 cents to $3.485. Analysts cite a USDA cut to the national soybean yield and strong Chinese buying.
Corn harvest is slow due to high moisture, and attention is shifting to dry conditions in northern Brazil and wet conditions in southern Brazil and northern Argentina.
Strong Chinese demand and a USDA yield cut support soybeans, while South American weather concerns add upside risk for the coming crop.
agcanada.comAGCanadaOct 19, 2017After 1,079 past bullish weather events, SOY moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.0%), and +0.9% over 20.
After 445 past neutral weather events, CORN moved a median +0.1% over 5 sessions (52% higher; middle half -1.4% to +1.6%), and +0.7% 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.
