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Dry conditions in southern Brazil and much of Argentina are cutting summer-crop forecasts for corn and soybeans. Paraná soybean condition fell to 30% good-to-excellent, well below recent years.
Northern Brazil faces harvest delays from excess rain.
Brazil supplies most of the world's soybean exports, so lower yields tighten global soy meal and corn balances and support prices. Buyers should expect higher South American feed costs.
fastmarkets.comEduardo TintiJan 5, 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 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 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.
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.
