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Brazil's soybean planting was 61.2% complete in mid-November, behind last year's 73.4% and the 70.6% average. Dry conditions in central areas and excess rain in the south forced replanting on at least 5% of acres, and forecasts call for more erratic weather.
Late planting and replanting raise yield risk for Brazil's soybean crop, supporting soybean meal and corn prices and reducing expected second-crop corn area.
ukragroconsult.comNov 20, 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.
