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Argentina's grains trade is largely paralyzed by a shortage of soybeans caused by drought, with farmers holding back produce in anticipation of a peso devaluation. Crushing plants and grain ports are operating far below capacity.
Withheld supply and a shortage of beans leave less soybean and meal available for export, which supports global soy and soymeal prices.
reuters.comMaximilian HeathNov 23, 2023After 696 past bullish trade events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.3% to +1.9%), and +0.7% over 20.
After 342 past bullish trade events, Soybean Meal moved a median +0.1% over 5 sessions (51% higher; middle half -1.1% to +2.6%), and +0.6% 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.
