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Soybean futures were poised to enter a bull market after flooding in Argentina, the largest soymeal and soyoil exporter, damaged crops. Officials estimate output will fall more than 8%, and China's March soybean imports rose 36% to a record for the month.
An estimated 8%+ cut in Argentine output plus strong Chinese import demand tightens soybean, meal and oil supplies and should lift prices, with buyers shifting toward US supplies.
bgdailynews.comJeff Wilson (c) 2016, BloombergApr 22, 2016After 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 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.
