Loading…
The Buenos Aires grains exchange cut its 2022-23 Argentine soybean crop outlook to 38 million tonnes from 48 million at the start of the season. Above-average temperatures in the past week worsened dry conditions in key farming areas during a critical development stage.
A deeper cut to Argentina's soybean crop reduces exportable supplies of soybeans, meal and oil, which supports prices for soy products.
world-grain.comJohn ReidyFeb 17, 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.
