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El Niño continued to bring exceptional heat and dryness to Brazil's Central-West region through mid-December 2023. Mato Grosso recorded its hottest and driest second week of December in more than 30 years.
Southern Brazil received ample rain.
Heat and drought in the main producing region threaten soybean yields and delay second-crop corn planting. This supports soybean and corn prices.
agriculture.comDec 18, 2023After 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.
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.
