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March soybeans rose 25 cents to $15.14 1/4, the highest close since June, and March soymeal surged $13.50 to $461.30. March corn hit a seven-week high on dryness concerns in Argentina, and SRW and HRW wheat rose on improved global demand and U.S. Plains cold damage.
Argentine dryness threatens South American supply, lifting soybean and meal values and feed grain prices for buyers.
profarmer.comPro Farmer EditorsDec 28, 2022After 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 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.
After 1,072 past bullish weather events, Wheat (SRW) moved a median +0.2% over 5 sessions (55% higher; middle half -1.4% to +2.3%), and +0.3% 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.
Earlier rally in soymeal and soybeans on Argentine dryness shows the weather premium was building and momentum carried into the move, though it predates the window by several days.
