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The Buenos Aires Grain Exchange warned that a developing La Niña will bring below-normal rainfall to Argentina's summer, posing a big challenge for soybean and corn crops. It expects a record corn harvest of 57 million tonnes and soybean output of 44 million tonnes, with corn sowing 39.5% complete and soybeans 56.1%.
Expected drought in the central Pampas could cut Argentine soybean and corn supplies, which are major export volumes for meal, oil and corn buyers, supporting prices. The record harvest forecast partly offsets that risk.
reuters.comMaximilian HeathDec 14, 2021After 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.
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.
