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USDA's Argentina representative cut the 2022/23 soybean crop forecast to 23.9 million tonnes, a 24-year low, with yields the lowest in 50 years. Soybean planting was only 4.3% harvested by April 12 and 65% of crops were rated poor or very poor.
May soybean futures rose to their highest since March.
A deeper Argentine shortfall tightens world soybean meal and oil supplies and forces Argentina to import more beans, supporting soybean meal and soyoil prices for feed buyers.
ukragroconsult.comApr 19, 2023After 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.
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.
