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The USDA attaché in Buenos Aires cut its estimate of Argentina's 2023/24 soybean crop to 49.5 million tonnes from the official 50 million-plus figure, citing dry January conditions and uneven February rains. Beginning stocks and imports were also revised lower.
A smaller Argentine crop and tighter supply reduce export availability, supporting soybean and soymeal prices.
farmtario.comGlen HallickMar 18, 2024After 747 past bullish report events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.1%), and +0.8% over 20.
After 414 past bullish report events, Soybean Meal moved a median -0.1% over 5 sessions (48% higher; middle half -2.1% to +2.3%), and +0.3% 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.
