Loading…
El Nino has caused a severe drought in central Brazil's Mato Grosso, the country's largest farm state, reducing soybean yields and production potential. Excessive rains in the South have also hurt summer corn prospects in Rio Grande do Sul.
Weather-driven losses in Brazil's main soybean and corn states reduce export supply, supporting soybean, corn and meal prices in global markets.
reuters.comAna ManoFeb 8, 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 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.
