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Chicago soybean and corn futures rose on Friday and were set for second straight weekly gains as floods in Rio Grande do Sul disrupted Brazil's harvest. Rabobank's Vitor Pistoia said the state could lose 1 million tons of soybeans, and hot, dry weather in central Brazil was also damaging corn nearing harvest.
Prices stayed near four-year lows despite the gains.
Flood losses in Brazil, the top soybean exporter, tighten near-term export supplies and support soybean and corn prices. Heat damage to Brazil's late corn adds to the upside risk.
brecorder.comReutersMay 3, 2024After 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.
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.
