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Rio Grande do Sul's agriculture sector estimates drought losses in soybeans and corn at BRL36.1 billion ($6.6 billion). Soybean losses are put at 48.7% of the crop, with more than 175,000 farmers affected.
Nearly half of the state's soybean crop lost represents a major supply shock to Brazilian and global soybean meal and corn supplies, supporting prices.
fastmarkets.comEduardo TintiJan 27, 2022After 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.
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.
