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US soybean futures rose on worries that dry weather in northeastern Brazil and wet weather in eastern Argentina would cut South American soybean output. CBOT wheat gained on rising Russian prices, while corn was little changed and Brazil's crop estimates were being cut for drought.
Lower Brazilian and Argentine soybean supply forecasts tighten global soy and meal availability, supporting feed protein prices. Firmer Russian wheat prices improve the outlook for US wheat exports.
agcanada.comAGCanadaJan 23, 2019After 1,079 past bullish weather events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.0%), and +0.9% over 20.
After 453 past bullish weather events, Soybean Meal moved a median +0.5% over 5 sessions (55% higher; middle half -1.6% to +2.7%), and +0.5% over 20.
After 1,072 past bullish weather events, Wheat (SRW) moved a median +0.2% over 5 sessions (55% higher; middle half -1.4% to +2.3%), 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.
