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Drought has left over a third of early-planted soybeans in Argentina's core farm belt in regular to poor condition, according to the Rosario grains exchange. Hot, dry weather was forecast to continue into early December, and the exchange forecasts 2022/23 soybean output of about 48 million tonnes.
Drought damage to Argentine soybeans tightens expected supply from the world's leading meal and oil exporter, supporting soybean meal and oil prices.
agriculture.comReutersDec 2, 2022After 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.
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.
