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Soybeans fell on fund and technical selling, capping a bearish week, as forecasts showed some rain for dry parts of South America. Government and private bodies had recently cut production projections for Argentina and Brazil because of hot, dry weather.
Spain bought 100,000 tons of 2022/23 U.S. soybean meal.
Rain relief in South America eases fears of a smaller crop, which weighs on soybean and meal prices while Brazil still looks set for a large harvest. Slow exports limit any rebound.
brownfieldagnews.comJan 14, 2022After 363 past bearish weather events, SOY 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, SBM moved a median -0.8% over 5 sessions (35% higher; middle half -3.2% to +0.4%), and -1.6% over 20.
After 49 past bearish weather events, SBO moved a median -0.5% over 5 sessions (43% higher; middle half -3.2% to +1.0%), 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.
Fund and technical selling on South American rain forecasts weighed on soybeans and the complex ahead of the move.
