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A drought in Argentina's soy belt has revived fears of a repeat of the 2018 production disaster. The current forecast for 2021/22 soy is 40.5 million tonnes, already cut sharply in January.
Lower Argentine soy output tightens supplies of beans, meal and oil from the world's top meal and oil exporter, supporting world soy prices.
reuters.comMaximilian HeathFeb 10, 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.
