Loading…
AgRural reported Brazil's 2023/24 soybean planting at 74% as of late November, the slowest pace in eight years, as excess rain hit the south and dryness hit center-north. The consultancy trimmed its crop estimate to 163.5 million tons and did not rule out further cuts.
Corn planting for the first 2024 crop also lagged the prior year.
A smaller expected soybean crop and slower corn planting reduce export availability and support soybean and corn prices.
agrural.com.brAgRural Commodities AgrícolasNov 27, 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.
