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CBOT March soybean futures fell on Monday, settling down 2-1/4 cents at $13.72-1/2 a bushel after peaking at the highest level on a continuous chart since June 2014. Better-than-expected weekend rains in Argentina and parts of Brazil eased dryness worries, and traders squared positions ahead of a USDA crop report.
Soyoil fell while soymeal rose slightly.
Rains that ease yield-denting dryness in South America reduce the supply risk that had lifted soybean prices, so the market is likely to see pressure as the weather premium fades.
brecorder.comReutersJan 12, 2021After 363 past bearish weather events, Soybeans moved a median -0.6% over 5 sessions (42% higher; middle half -2.5% to +1.1%), and -0.2% over 20.
After 49 past bearish weather events, Soybean Oil moved a median -0.5% over 5 sessions (43% higher; middle half -3.2% to +1.0%), 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.
