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Frost has destroyed about 500,000 mt of Argentine soybeans from a projected 40 million mt crop, according to the Rosario Grains Exchange (BCR). Second-crop beans in the central region lost roughly 15% of yield, on top of existing drought in parts of the country.
Lower Argentine output tightens global soybean and meal supplies, which supports prices, especially as Argentina is a leading soymeal exporter.
spglobal.comApr 14, 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.
