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Brownfield reports that Brazil could post a record harvest above 300 million tons if weather cooperates, up 15% from last season. Argentina's wheat crop is projected at about 50% below last year because of drought and frost, the lowest in seven years.
A record Brazilian crop would add export supply, while Argentina's wheat shortfall would lift import demand and support wheat prices.
brownfieldagnews.comNov 21, 2022After 1,072 past bullish weather events, Wheat (SRW) moved a median +0.2% over 5 sessions (55% higher; middle half -1.4% to +2.3%), and +0.3% over 20.
After 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.
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.
