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A Buenos Aires meteorologist expects recent rain over Argentina's farm heartland to continue into November, supporting normal soybean and corn planting. Rosario Grains Exchange forecasts the 2024/25 soybean crop at 52-53 million tonnes and corn at 51-52 million tonnes.
Favourable moisture after an earlier dry spell reduces South American supply risk, which is bearish for soybean and corn prices and soymeal and corn export competition.
agriculture.comReutersOct 25, 2024After 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.
After 357 past bearish weather events, Corn moved a median -0.3% over 5 sessions (44% higher; middle half -2.2% to +1.3%), and -0.5% over 20.
After 118 past bearish weather events, Soybean Meal moved a median -0.8% over 5 sessions (35% higher; middle half -3.2% to +0.4%), and -1.6% 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.
