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Brazil's rainfall has followed an El Nino pattern, with below-normal precipitation across most of the country, especially central Brazil. Subsoil moisture is well below normal, threatening the safrinha second-season corn crop that depends on it.
Poor subsoil moisture raises the risk of low safrinha corn yields, tightening Brazilian corn export supply and supporting corn prices.
dtnpf.comJohn BaranickFeb 15, 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.
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.
