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Brazil's National Weather Service (Inmet) forecasts hotter and drier than normal weather for August through October in the center-west and southeast. Central Brazil has been dry since early May, with frequent forest and grass fires and soil moisture below average.
Southern Brazil is expected to see above-normal rainfall.
Dry, hot conditions ahead of planting raise the risk of delayed or reduced first-crop corn and soybean planting in Brazil, which supports corn and soymeal prices. Wetter conditions in the south would ease those concerns there.
soybeansandcorn.comAug 26, 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.
