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Chicago soybean futures fell for a third straight session to their lowest in over a week as rains across South America lifted crop prospects. Wheat and corn also declined.
Rains across much of Brazil's growing regions bolstered parched crops during the early soybean harvest.
Improved rainfall in South America boosts expectations of larger world supplies, which pressures soybean, wheat and corn prices. Strong demand for farm products is expected to limit further losses.
brecorder.comReutersJan 20, 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.
After 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.
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.
