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Rains have spread across most Brazilian growing regions, and soybean planting is expected to reach about 25% within days and catch up to its historical average by late November. Argentina corn planting is near 20%, lagging its usual pace due to leafhoppers and drought.
Forecasts show above-average November rain for most of Brazil.
Improving Brazilian planting and rain outlooks cap soybean rallies, with production expectations limiting upside, which is bearish for soybeans and soy meal.
farmprogress.comMatthew KruseOct 25, 2024After 363 past bearish weather events, SOY moved a median -0.6% over 5 sessions (42% higher; middle half -2.5% to +1.1%), and -0.2% over 20.
After 445 past neutral weather events, CORN moved a median +0.1% over 5 sessions (52% higher; middle half -1.4% to +1.6%), and +0.7% over 20.
After 118 past bearish weather events, SBM moved a median -0.8% over 5 sessions (35% higher; middle half -3.2% to +0.4%), and -1.6% 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.
