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Grain, livestock and energy futures all closed higher on Thursday after a week of heavy losses. Soybeans and soybean meal led the gains on threats of port closures in Argentina and Brazil.
May soybean meal closed at a four-month high of $314.80, and crude oil also rose.
Port closures in Argentina and Brazil would disrupt South American soybean and meal exports, tightening global supply and supporting prices. Higher crude oil also supports soybean oil and biofuel demand.
iowaagribusinessradionetwork.comMar 20, 2020After 206 past bullish logistics events, Soybeans moved a median +0.5% over 5 sessions (56% higher; middle half -1.3% to +2.6%), and +1.4% over 20.
After 167 past bullish logistics events, Soybean Meal moved a median +0.5% over 5 sessions (54% higher; middle half -1.8% to +2.9%), and -1.2% over 20.
After 26 past bullish logistics events, Crude Oil (WTI) moved a median +1.2% over 5 sessions (58% higher; middle half -5.1% to +9.5%), and +2.0% 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.
Soybeans and meal led gains on port closure threats, with May meal closing at a four-month high.
Soybeans and meal led the gains on port closure threats in South America, confirming the logistics-driven rebound after the prior week's losses.
Soymeal led gains on threats of South American port closures, a supply-risk driver consistent with the jump, though the report is dated just after the move.
