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Analysts report that major agencies, including USDA, Conab and BAGE, cut South American soybean and corn production estimates in the past week. Argentina's BAGE cut its corn forecast to 51 million tonnes, and the February WASDE lowered soybean stocks by 25 million bushels.
Lower South American crops tighten global corn and soybean supplies and support prices, which raises feed ingredient costs for buyers. Upward revisions to forecasts are possible if dryness persists.
czapp.comAlberto CarmonaFeb 16, 2022After 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.
After 1,079 past bullish weather events, SOY 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, SBM moved a median +0.5% over 5 sessions (55% higher; middle half -1.6% to +2.7%), 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.
