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Soybeans and corn rose on June 9 on commercial and technical buying and concerns about hot, dry weather over the near term in key growing areas. Soybean meal was mixed and soybean oil was higher with crude.
Unknown buyers purchased 201,000 tons of US soybeans, and wheat was mixed.
Dry weather forecasts add a weather premium to corn and soybeans, supporting feed costs. Soybean meal was mixed, so the feed-cost impact is limited for now.
brownfieldagnews.comJohn PerkinsJun 9, 2017brownfieldagnews.comJohn PerkinsJun 7, 2017After 1,072 past bullish weather events, WHEAT moved a median +0.2% over 5 sessions (55% higher; middle half -1.4% to +2.3%), and +0.3% over 20.
After 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 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 55 past neutral weather events, SBM moved a median -0.1% over 5 sessions (47% higher; middle half -1.7% to +1.5%), and +0.1% 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.
