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Gro reports that Brazil's 2023/24 soybean planting has slowed as uneven rainfall and growing dryness hit the main soy states. Conditions have deteriorated quickly since the start of the month.
Dry conditions during planting can cut yield potential and delay the Brazilian harvest, which tightens export availability and supports soybean prices. Buyers should watch rainfall forecasts for the key producing states.
gro-intelligence.comOct 23, 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 453 past bullish weather events, Soybean Meal 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.
