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An analyst said El Nino should benefit South American crops after three years of La Nina, especially in Argentina, which is recovering from its worst drought in 60 years. NOAA gave a 95% chance the event lasts through February and a 66% chance it is strong.
Expected South American crop recovery would add export supply and ease tightness in corn and soybeans, which is bearish for prices.
producer.comSean PrattAug 31, 2023After 363 past bearish weather events, Soybeans moved a median -0.6% over 5 sessions (42% higher; middle half -2.5% to +1.1%), and -0.2% over 20.
After 357 past bearish weather events, Corn moved a median -0.3% over 5 sessions (44% higher; middle half -2.2% to +1.3%), 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.
