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Strong cash bids to move soybeans down the Mississippi to Gulf vessels supported inland prices, while farmers held back remaining old-crop supplies. Slower Brazilian soybean sales shifted buyers to the US, and the Brazilian real strengthened about 6% in July, to roughly 3.11 per dollar.
Shifting export demand to US Gulf origin supports soybean and corn basis and export pricing. A stronger real makes Brazilian beans more expensive in dollar terms, which reinforces US competitiveness in the export market.
farmprogress.comBob Burgdorfer Senior Editor, Farm FuturesAug 1, 2017
feedstuffs.comBob Burgdorfer 1Aug 2, 2017After 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 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 52 past trade events, Brazilian Real (BRL per USD) moved a median -0.2% over 5 sessions (46% higher; middle half -1.4% to +1.8%), 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.
