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CZ app reports growing concern among Brazilian grain producers that La Niña could develop in the second half of 2024. NOAA gives over 80% odds for September to November, and the south of Brazil, including Paraná, Santa Catarina and Rio Grande do Sul, is expected to face drought risk during soybean and first-crop corn planting and growth.
Drought risk in southern Brazil during the 2024/25 soybean and corn season could cut output from a major exporter. That would tighten global supply and support soybean and corn prices.
czapp.comLeticia PizzoJul 18, 2024After 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.
