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The Buenos Aires grains exchange said drought has cut Argentina's main growing areas, with 900,000 hectares of soybeans and corn unplanted. Wheat yield is projected 34% lower, and export dollars could fall 23% this campaign.
Sharp declines in Argentine wheat, corn and soybean output remove exportable supply from world markets, which supports prices for these grains.
fastmarkets.comJocelyn GarciaFeb 15, 2023After 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 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 1,072 past bullish weather events, Wheat (SRW) moved a median +0.2% over 5 sessions (55% higher; middle half -1.4% to +2.3%), and +0.3% 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.
