Loading…
Argentina's worst drought in six decades has left the world's largest soy product exporter with its smallest crop in nearly 25 years. Farmers are running short of the commodity that underpins the economy.
A crop this small removes a major share of global soymeal and soyoil export supply, which is bullish for soy product prices.
bloomberg.comJonathan Gilbert, Isis AlmeidaNov 16, 2023After 1,079 past bullish weather events, SOY 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, SBM 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.
