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Chicago soybean futures rose on concerns that a La Nina pattern could bring hot, dry conditions to the U.S. Midwest this summer. Wheat and corn also firmed, and the USDA announced a private sale of 180,000 tonnes of soybeans to China.
Expected Midwest heat and dryness raise the risk to new-crop yields, supporting feed grain and oilseed prices. The Chinese purchase adds export demand support.
agweek.comMark Weinraub/ReutersJun 7, 2016agweek.comMark Weinraub/ReutersJun 6, 2016After 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.
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 1,079 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.
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.
Published on the move date: La Nina hot/dry Midwest weather concerns lifted soybeans and spilled over to firmer wheat and corn, a sentiment/supply-risk driver for the 6 June jump.
