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Corn closed lower and soybeans higher on Dec. 20, with March corn at $5.91 and January soybeans up 7 cents to $12.92 1/4.
Hot, dry weather in southern Brazil, Argentina and Paraguay supported soybeans, while COVID-driven growth concerns weighed on markets.
Dryness in South American soybean areas threatens the crop and supports soybean meal prices. Feed buyers face higher soy-based protein costs if the dry spell persists.
ukragroconsult.comDec 20, 2021After 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 357 past bearish weather events, Corn moved a median -0.3% over 5 sessions (44% higher; middle half -2.2% to +1.3%), 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.
Corn closed lower on Dec 20 as COVID-driven growth concerns weighed on markets, which points to a demand and sentiment mechanism, though the quoted $5.91 close does not by itself match a near-5% fall.
