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Soybeans and soybean meal and oil fell sharply on May 18, 2017, after Brazil's currency and stock market dropped when President Temer was implicated in a cover-up involving JBS. Corn also declined on export concerns tied to the weaker real, and wheat was narrowly mixed.
The weaker real may help Brazilian exports and pressure soy complex prices, while corn faces added competition from Brazilian supply.
brownfieldagnews.comJohn PerkinsMay 18, 2017After 273 past bearish macro events, Soybeans moved a median -0.4% over 5 sessions (44% higher; middle half -2.4% to +1.4%), and -0.5% over 20.
After 117 past bearish macro events, Soybean Meal moved a median -0.6% over 5 sessions (41% higher; middle half -2.5% to +1.7%), and +0.5% over 20.
After 40 past bearish macro events, Soybean Oil moved a median -0.8% over 5 sessions (45% higher; middle half -4.5% to +1.7%), and -1.5% over 20.
After 301 past bearish macro events, Corn moved a median -0.1% over 5 sessions (47% higher; middle half -2.2% to +1.3%), and +0.2% 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.
