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Argentina's 2022/23 soybean harvest estimate was cut to 41 million tonnes from 48 million, after drought hit growing areas. The Rosario exchange sharply reduced its forecasts, and wheat harvest ended at 12.4 million tonnes, well below the previous season.
A large downgrade to Argentina's soybean crop cuts supply of soybeans, meal and oil from the world's leading processed-oilseed exporter, which supports prices.
ukragroconsult.comJan 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.
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.
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.
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.
