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Soybeans and corn rose on commercial and technical buying as forecasts called for hot, scattered-rain weather in the Plains and Midwest. USDA announced a sale of 1.3 million tons of new-crop U.S. soybeans to China, and a truck strike at a Brazilian port is expected to cause some export cancellations.
The China purchase and Brazilian port disruption support U.S. soybean and meal demand, while weather risk to U.S. corn and spring wheat adds upside pressure on prices.
brownfieldagnews.comJohn PerkinsJul 14, 2017After 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 453 past bullish weather events, Soybean Meal moved a median +0.5% over 5 sessions (55% higher; middle half -1.6% to +2.7%), and +0.5% over 20.
After 184 past bullish weather events, Soybean Oil moved a median +0.3% over 5 sessions (53% higher; middle half -1.9% to +2.4%), and -0.5% 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.
