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Soybeans fell modestly on fund and technical selling, while soybean meal weakened and bean oil rose on product spread adjustments. Corn was mixed, and ethanol futures fell, with no USDA daily sales announced since the US-China Phase One trade deal was signed.
Lack of confirmed Chinese purchases keeps soybean demand uncertain until South American supplies arrive, while Brazilian planting delays and dry Argentine conditions limit losses.
brownfieldagnews.comJan 23, 2020After 803 past bearish trade events, SOY moved a median +0.0% over 5 sessions (51% higher; middle half -1.7% to +1.7%), and +0.9% over 20.
After 384 past bearish trade events, SBM moved a median -0.2% over 5 sessions (47% higher; middle half -1.7% to +1.6%), and -0.5% over 20.
After 224 past bullish trade events, SBO moved a median +0.4% over 5 sessions (54% higher; middle half -1.5% to +2.1%), and -0.5% over 20.
After 480 past neutral trade events, CORN moved a median +0.2% over 5 sessions (54% higher; middle half -1.1% to +1.6%), and +0.7% 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.
