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Early soybean harvests in Mato Grosso, Brazil's largest producer, show yields more than 50% below expectations in some fields after an irregular El Niño season. Conab forecasts the state's crop at 43 million tonnes, 5% below last season.
Delayed planting and replanting added to the losses.
A large shortfall in Brazil's top soybean state reduces export availability and supports soybean and meal prices.
valorinternational.globo.comPaulo SantosJan 10, 2024After 1,079 past bullish weather events, SOY 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, SBM 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.
