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A developing La Niña is expected to form between October and December 2024, following a neutral phase. Brazil has seen temperatures 3°C to 5°C above average since August across more than half the country, with lower rainfall.
Chicago corn and soybean futures have started to rise on concerns about Brazilian crops.
Expected drought risk in southern Brazil and dry heat in producing regions supports corn and soybean prices and the feed complex outlook.
czapp.comGeraldo IsoldiOct 17, 2024After 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 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 453 past bullish weather events, Soybean Meal moved a median +0.5% over 5 sessions (55% higher; middle half -1.6% to +2.7%), and +0.5% 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.
