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Argentina's Rosario grains exchange projects the 2022/23 soybean crop at 27 million tonnes, the lowest in nearly 25 years, due to low rainfall and high temperatures. Soybean byproducts were Argentina's main source of foreign currency in 2022, with exports totaling $18.519 billion.
A sharply smaller Argentine crop reduces supplies of soymeal and soybean oil, the world's leading exports from that country, supporting global meal and oil prices.
reuters.comMaximilian HeathMar 15, 2023After 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 184 past bullish weather events, Soybean Oil 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.
