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Rosario grains exchange cut its 2023/24 Argentine soybean estimate to 49.5 million tonnes from 52 million and its corn estimate to 57 million from 59 million, citing a heat wave in late January and early February. Corn is still projected at a record level.
Lower Argentine soy and corn supplies tighten export availability of soymeal, soyoil and corn, supporting feed ingredient prices despite a record corn crop forecast.
ukragroconsult.comFeb 23, 2024After 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.
