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Severe floods in Rio Grande do Sul, Brazil's second-largest soybean state, have halted the remaining harvest after 76% was completed by early May. The region's entire rice crop was washed away and about 5% of its corn could not be harvested.
Lost soybean output in a major exporting state tightens supply for soybean meal and oil, and Brazil may need to import rice, supporting prices across the vegetable oil and feed complex.
expanamarkets.comJake Mills-ZivanovicMay 24, 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 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.
After 184 past bullish weather events, Soybean Oil moved a median +0.3% over 5 sessions (53% higher; middle half -1.9% to +2.4%), and -0.5% 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.
