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Climate Impact Company flags a new drought risk for the northwest and north Brazil second corn crop, with deep-layer soil moisture deficits increasing. The article also notes a drier six-to-ten-day outlook for the core Argentina drought area, and El Nino may develop later in 2023.
Drought in Brazil's second corn belt and Argentina's soybean areas could cut export supplies of corn and soybeans, supporting prices for feed grains and soymeal.
climateimpactcompany.comScott YuknisJan 27, 2023After 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.
After 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.
