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A third straight drought in Argentina has shriveled wheat and delayed soybean and corn planting on the Pampas, with many farms too dry to plant. The government needs to restrict wheat shipments to protect domestic flour supplies, and rain on October 25 largely missed key areas.
Argentina is the top supplier of soymeal and soyoil, so drought-driven planting delays and crop losses tighten global supplies and support soy complex prices.
batimes.com.arJames GraingerOct 28, 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 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 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.
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.
