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Soybeans, corn and wheat finished lower on spread trading and profit taking, though soybean oil and some nearby contracts posted limit-up moves. Russia is reportedly considering a 20% soybean export tax from July 1, with a $100/ton minimum, and Brazil's soybean FOB prices moved lower as harvest wound down.
A proposed Russian soybean export tax would tighten global oilseed flows and support meal and oil values. Tight new-crop US stocks and planting delays also underpin prices despite the daily pullback.
brownfieldagnews.comApr 29, 2021After 356 past bullish policy events, Soybeans moved a median +0.1% over 5 sessions (53% higher; middle half -1.2% to +2.3%), and -0.9% over 20.
After 172 past bullish policy events, Soybean Meal moved a median +0.0% over 5 sessions (50% higher; middle half -1.5% to +1.7%), and -0.8% over 20.
After 842 past bullish policy events, Soybean Oil moved a median +0.2% over 5 sessions (52% higher; middle half -1.6% to +2.1%), and -0.5% over 20.
After 318 past bullish policy events, Corn moved a median -0.1% over 5 sessions (48% higher; middle half -1.4% to +1.5%), 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.
