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Soybeans slid from a six-week high on Monday as flooding in Brazil's Rio Grande do Sul threatened supplies from the top exporter. Wheat fell 1.7% to $6.11-1/4 after gains from Russian dry weather, and corn lost nearly 1% to $4.56.
Argentina's Buenos Aires grains exchange cut its 2023/24 corn estimate by 3 million tons to 46.5 million tons due to corn stunt disease and adverse weather.
Brazilian flood losses and Argentine corn cuts tighten South American supply, limiting downside in soybeans and corn. Wheat's gains rest on Russian crop worries that remain unresolved.
brecorder.comReutersMay 6, 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.
After 224 past neutral weather events, Wheat (SRW) moved a median -0.1% over 5 sessions (46% higher; middle half -1.4% to +1.5%), and +0.4% 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.
