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Safras & Mercado reported that about 2% of Brazil's expected 105.9 million acres of soybeans was planted by late September, twice the pace of a year earlier and above the five-year average. Dry weather in Argentina's key regions is raising concerns about yield potential there.
Fast Brazilian planting and a possible record crop add to global soybean supply, while dryness in Argentina is a partial offset. Net effect is modestly bearish soybean and meal prices unless weather turns extreme.
farmprogress.comJacqueline HollandSep 28, 2022After 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 118 past bearish weather events, Soybean Meal moved a median -0.8% over 5 sessions (35% higher; middle half -3.2% to +0.4%), and -1.6% 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.
