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Recent rains in Southern Brazil are helping late-planted soybeans, but damage to early soybeans and summer corn is largely irreversible. Argentina's grain exchange projects losses of 5 million tonnes of soybeans and 8 million tonnes of corn despite rainfall.
Losses in Argentina and Brazil beyond USDA estimates suggest further downside to South American supply, which supports soybean and corn prices.
farmprogress.comMatthew KruseJan 19, 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 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 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.
