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Soybeans and corn fell on speculative and technical selling after weekend rain in much of the Midwest, though some drier areas such as Missouri were missed. U.S. soybean planting was 97 percent complete and 74 percent of the crop was rated good to excellent.
Brazil revoked an updated minimum freight rate shortly after its release.
Adequate rainfall and strong crop ratings reduce weather premium, while the Brazilian freight rate reversal may disrupt interior and port logistics for soybean exports.
brownfieldagnews.comJun 11, 2018After 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 118 past bearish weather events, Soybean Meal moved a median -0.8% over 5 sessions (35% higher; middle half -3.2% to +0.4%), and -1.6% over 20.
After 184 past bullish weather events, Soybean Oil moved a median +0.3% over 5 sessions (53% higher; middle half -1.9% to +2.4%), 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.
Weekend Midwest rain and speculative/technical selling directly explain the June 11 one-day drop in corn via improved yield outlook.
