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Soybeans climbed for a fifth straight day to their highest intraday level in more than two weeks on concerns that August heat and dryness will hurt North American oilseed crops. Sunflowers in Europe are also wilting in similar weather, and corn rose for a fourth day.
Heat stress on both North American oilseeds and European sunflowers tightens global vegetable-protein supplies, supporting meal prices for feed buyers.
bloomberg.comElizabeth ElkinJul 27, 2022After 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.
Not enough comparable past events yet for a historical read.
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.
Soybeans rallied for a fifth straight day on concerns that August heat and dryness will hurt North American oilseed crops, which is a supply-risk driver of the 5-day gain.
