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Soybean meal futures swung between gains and losses after Javier Milei won Argentina's presidency. Milei has proposed dollarizing the economy, which could prompt Argentine farmers to sell soybeans more actively once he takes office on Dec.
10. Analysts expect Argentine meal exports to matter mainly after May of next year.
Expected farmer selling in Argentina could add meal and bean supply later, but current tight Argentine supplies keep near-term soymeal prices supported.
yibn.comNov 21, 2023After 206 past neutral policy events, Soybean Meal moved a median -0.4% over 5 sessions (44% higher; middle half -2.3% to +1.8%), and -0.7% over 20.
After 554 past neutral policy events, Soybeans moved a median +0.0% over 5 sessions (51% higher; middle half -1.4% to +1.6%), and +0.6% 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.
