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Nidera Australia's origination manager says markets are focused on South American weather, with fears of Argentine losses easing after favorable rains in Brazil and Argentina. Chicago soybean futures have fallen almost 50 cents per bushel from the mid-January high.
Argentina's soybean output is estimated near 55 million tonnes.
Easing South American weather concerns and stable crop estimates have pulled soybean futures lower, which lowers the cost of soy-based feed ingredients.
graincentral.comGuest AuthorFeb 7, 2017After 363 past bearish weather events, Soybeans moved a median -0.6% over 5 sessions (42% higher; middle half -2.5% to +1.1%), and -0.2% over 20.
After 118 past bearish weather events, Soybean Meal moved a median -0.8% over 5 sessions (35% higher; middle half -3.2% to +0.4%), and -1.6% over 20.
After 445 past neutral weather events, Corn moved a median +0.1% over 5 sessions (52% higher; middle half -1.4% to +1.6%), and +0.7% 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.
