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Chicago soybeans rose to about $15.26 a bushel as a severe drought in Argentina threatened its output. Expectations of stronger Chinese demand after COVID controls eased also supported the market.
Wheat and corn also edged higher.
Argentina is a major soybean and meal exporter, so drought-related output losses tighten global supply. Recovering Chinese imports, the world's largest, add further support to prices.
ukragroconsult.comJan 2, 2023After 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.
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.
Dated on the move day, it reports a severe Argentina drought threatening soybean and soymeal output (Argentina is the top meal exporter) plus stronger Chinese demand expectations, directly supporting a supply-driven rally in meal.
