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Prolonged dry weather, rising fertilizer costs and uncertainty over export rules are leading Argentine farmers to plant more soybeans and less wheat. Argentina is the world's sixth-largest wheat exporter.
A shift from wheat to soybeans reduces Argentine wheat supply in a tight world market, supporting wheat prices while adding future soybean supply that weighs on soy prices.
reuters.comMaximilian HeathJun 29, 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.
