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A historic drought has sharply cut Argentina's 2022-23 soybean crop, with the Buenos Aires Grain Exchange lowering its estimate by 1.5 million tonnes to 22.5 million. Corn is estimated at 36 million tonnes, and analysts expect the final soybean crop to be below current estimates.
Argentina is the top soybean meal exporter, so a crop near 20 million tonnes forces large soybean imports to keep crushers running, supporting U.S. soybean meal and soybean prices.
agweb.comApr 24, 2023After 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.
After 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 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.
After 184 past bullish weather events, SBO moved a median +0.3% over 5 sessions (53% higher; middle half -1.9% to +2.4%), 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.
