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Dry conditions that already cut Argentina's wheat and early corn crops are now slowing soybean planting. The Buenos Aires grains exchange reported soybean planting only 19.4% complete, versus 39.3% a year earlier and a five-year average of 40.2%.
Analysts are asking whether farmers will cut soybean area for 2022/23.
A slow planting pace and possible acreage cuts raise concern about Argentina's soybean and meal output, which is a major export supply for feed markets. This supports soybean and soybean meal prices.
grainpricenews.comMike VerdinNov 25, 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.
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.
