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USDA raised its final 2021 corn and soybean production estimates, and a Minnesota analyst says farmers reported yields better than expected. Prices did not fall on the bearish numbers as they normally would, and the analyst attributes this to drought in Argentina and Brazil.
South American drought threatens export supplies of soybeans and corn, which supports US prices despite larger domestic output. Strong demand for both crops also limits downside.
brownfieldagnews.comMark DorenkampJan 12, 2022After 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.
