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Soybean production cuts keep coming in South America as a La Niña event reduces yield prospects in Brazil, Paraguay and Argentina. Paraguay's output may be down as much as 50% after December and January rain shortfalls.
USDA cut its Brazil estimate by 5 million tonnes to 134 million tonnes, and China has turned to US soybeans.
A second dry year in southern South America reduces export supply and pushes buyers to US origin, supporting Chicago soybean and corn prices.
ukragroconsult.comFeb 15, 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.
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.
