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Chicago soybeans rose 1.2 percent to $10.58 a bushel on November 28, reaching their highest since July on strong weekly U.S. export sales of nearly 1.9 million tonnes and a weaker dollar. Higher 2017 advanced biofuel mandates also supported prices, with wheat and corn posting smaller gains.
Robust export sales and biofuel demand are tightening the soybean balance, supporting prices and meal and oil values. A weaker dollar also makes US beans more competitive abroad.
agweek.comNaveen Thukral, ReutersNov 28, 2016After 696 past bullish trade events, SOY moved a median +0.3% over 5 sessions (54% higher; middle half -1.3% to +1.9%), and +0.7% over 20.
After 224 past bullish trade events, SBO moved a median +0.4% over 5 sessions (54% higher; middle half -1.5% to +2.1%), and -0.5% over 20.
After 729 past bullish trade events, CORN moved a median +0.4% over 5 sessions (56% higher; middle half -1.1% to +1.8%), and +0.5% over 20.
After 431 past bullish trade events, WHEAT moved a median +0.0% over 5 sessions (50% higher; middle half -1.3% to +2.1%), and +0.5% 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.
