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U.S. wheat futures rose 3 to 4 percent after the long weekend, while canola closed lower and soybean meal fell almost 4 percent. A crop consultant cut his Brazilian soybean estimate by 1 million tonnes to 134 Mt because of irregular rain in Parana and Rio Grande do Sul.
The Brazilian soybean cut supports soybeans and meal, but lower meal prices show weak demand. Wheat gains reflect a risk premium on a U.S. crop that came out of dormancy in poor condition.
graincentral.comGuest AuthorJan 19, 2022Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
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.
Soybean meal fell almost 4% in a single session on Jan 19 as rain eased South American supply worries, directly driving the weekly decline.
