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Soybeans rose on August weather uncertainty and a court ruling against the EPA's attempt to cut renewable volume obligations for biofuels. Soybean oil rallied on the ruling.
Fund positions moved to flat from net short.
Upholding higher biofuel blending demand supports soybean oil and crush margins, which lifts soybeans. Weather uncertainty adds to the upside.
graincentral.comGuest AuthorJul 30, 2017After 842 past bullish policy events, Soybean Oil moved a median +0.2% over 5 sessions (52% higher; middle half -1.6% to +2.1%), and -0.5% over 20.
After 356 past bullish policy events, Soybeans moved a median +0.1% over 5 sessions (53% higher; middle half -1.2% to +2.3%), 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.
