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CBOT soybean futures rose for a fourth straight week as dry weather in Argentina raised concerns about supplies from the top soymeal exporter. Corn rebounded and wheat edged higher ahead of a USDA supply-demand report.
Argentine dryness threatens soybean and soymeal output, tightening global protein supplies and supporting soymeal and soybean prices.
grainews.caTom Polansek, GFM Network NewsMar 6, 2021After 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 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.
After 1,072 past bullish weather events, Wheat (SRW) moved a median +0.2% over 5 sessions (55% higher; middle half -1.4% to +2.3%), and +0.3% 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.
The soybean rally on dry Argentina weather and the corn rebound into the weekend set up upward momentum and supply concern spillover on the March 8 session.
