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Argentina's Buenos Aires grains exchange cut its 2022/23 wheat crop forecast to 12.4 million tonnes from 14 million, after frost and drought damage. The Rosario exchange had already cut its outlook, and the government let exporters defer some wheat shipments.
Forecast rains for key farming regions offered hope for soybean planting.
A much smaller Argentine wheat crop tightens global wheat supply alongside weather problems in the US and Russia, supporting wheat prices. Expected rain reduces the risk to soybean output, which weighs on soy prices.
ukragroconsult.comNov 14, 2022After 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.
After 363 past bearish weather events, Soybeans moved a median -0.6% over 5 sessions (42% higher; middle half -2.5% to +1.1%), and -0.2% 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.
