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Argentine farmers are holding large stocks of harvested corn and wheat and selling only enough to cover expenses. The Rosario Board of Trade estimates the 2024/25 grain harvest at 131.1 million tonnes, up from 82.2 million the previous year.
A large harvest combined with farmer hoarding creates a supply overhang that is only partly released, while lower global cereal and oilseed prices weigh on export values.
en.mercopress.comJun 26, 2024After 1,102 past bearish report events, Corn moved a median -0.2% over 5 sessions (47% higher; middle half -1.8% to +1.3%), and +0.0% over 20.
After 1,006 past bearish report events, Wheat (SRW) moved a median +0.0% over 5 sessions (50% higher; middle half -1.6% to +1.8%), and +0.3% over 20.
After 788 past bearish report events, Soybeans moved a median -0.3% over 5 sessions (47% higher; middle half -2.0% to +1.5%), 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.
