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Corn and soybean prices spiked after reports of Brazilian yield losses from drought and heat. Conab cut Brazil's soybean estimate far more than USDA, and high soy prices may prompt US farmers to shift acreage away from corn.
A larger Brazilian soybean shortfall tightens global soy supply and lifts soymeal costs for feed buyers, while possible US acreage shifts could later tighten corn.
feedstrategy.comEmma PenrodFeb 11, 2022After 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 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 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.
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.
