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U.S. soybean futures hit a six-week high on September 22 on strong export demand, including a USDA-confirmed sale of 190,000 tonnes to Mexico. Traders also cited uncertainty over the size of the U.S. crop after USDA raised its yield forecast to 49.9 bushels per acre.
Robust export sales and a tighter-than-expected crop outlook support soybean prices, which feeds through to soybean meal costs for feed buyers.
grainews.caGFM Network NewsSep 22, 2017After 696 past bullish trade events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.3% to +1.9%), and +0.7% over 20.
After 729 past bullish trade events, Corn moved a median +0.4% over 5 sessions (56% higher; middle half -1.1% to +1.8%), and +0.5% over 20.
After 431 past bullish trade events, Wheat (SRW) moved a median +0.0% over 5 sessions (50% higher; middle half -1.3% to +2.1%), 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.
