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Soybeans rallied again on commercial and technical buying, with most contracts back above $10 a bushel. The market is watching political and weather issues in Brazil and dry conditions in Argentina, where forecasts show improvement but not immediately.
Brazil also ended its corn import tax for non-Mercosur countries for up to 1 million tons, and soybean meal rose sharply.
Expected Argentine production shortfalls and Brazilian weather and political risk support soybean and meal prices. Brazil's tariff cut adds import demand for corn, tightening global feed supply.
brownfieldagnews.comJohn PerkinsApr 21, 2016brownfieldagnews.comJohn PerkinsApr 22, 2016brownfieldagnews.comJohn PerkinsApr 20, 2016After 334 past bearish weather events, Wheat (SRW) moved a median -0.2% over 5 sessions (47% higher; middle half -1.9% to +1.7%), and -0.2% over 20.
After 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 1,465 past bullish weather events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.4% to +1.9%), 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.
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.
