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Chicago soybean futures fell as rain across South America improved crop prospects and bolstered the global supply outlook. Corn followed lower, though strong export demand and possible Ukrainian export limits provided support.
Palm oil weakness also weighed on soybeans.
Improved South American rainfall raises expectations of larger world oilseed and corn supplies, which pressures prices lower. Firm export demand and possible Ukrainian corn export curbs limit the downside.
reuters.comChristopher WalljasperJan 19, 2021After 363 past bearish weather events, Soybeans moved a median -0.6% over 5 sessions (42% higher; middle half -2.5% to +1.1%), and -0.2% 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.
