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Analysts told S&P Global Platts that prolonged drought in Brazil and Argentina will likely boost U.S. soybean export demand in 2022. SOYBEX FOB New Orleans was assessed at $555.93 per tonne on January 24, up 8% on the month.
USDA and Conab have both cut Brazilian output forecasts.
Each million tonne drop in Brazilian output could shift an equal volume of demand to U.S. exports, supporting U.S. soybean prices. Brazil still forecasts a near-record crop, limiting upside.
ukragroconsult.comJan 27, 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.
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.
