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US soybean futures hit an eight-month high as heavy rains in Argentina raised fears of crop damage and delays at port. Corn also rose on dry weather concerns in Brazil, while European wheat was weighed down by high stocks.
Crop damage and shipping delays in Argentina and dryness in Brazil threaten South American supply, supporting soybean and corn prices, while wheat remains under pressure from ample supplies.
agweek.comNigel Hunt, ReutersApr 18, 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 1,465 past bullish weather events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.4% to +1.9%), and +0.9% 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.
