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Soybeans rose on commercial and technical buying after a bullish week driven by forecasts of hot, dry weather in the Midwest and Plains. Bean oil rose sharply on crude oil strength and proposed biodiesel tax credits, while soybean meal ended mixed after setting new highs.
Corn also rallied on weather concerns.
Crop-loss risk in August, plus biofuel-linked demand for soybean oil, supports prices for soy-based feed and oil products.
brownfieldagnews.comJul 29, 2022brownfieldagnews.comJul 28, 2022After 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 1,079 past bullish weather events, SOY moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.0%), and +0.9% over 20.
After 55 past neutral weather events, SBM moved a median -0.1% over 5 sessions (47% higher; middle half -1.7% to +1.5%), and +0.1% over 20.
After 40 past bullish weather events, WTI moved a median +1.6% over 5 sessions (63% higher; middle half -3.7% to +5.3%), and +6.1% 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.
Weather-driven buying lifted the soy complex and meal set new highs, with Midwest and Plains hot, dry forecasts as the key driver.
July 28 gains on weather forecasts, with soybean oil up on crude strength and proposed biodiesel tax credits and meal at new highs.
