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DTN reports that a brief break in La Niña brought generous November rain to Argentina, improving soil moisture for corn and soybeans. Forecasters expect the typical La Niña dry pattern to return, while southern Brazil has received only about half its normal early-November rainfall.
Renewed dryness in Argentina and southern Brazil threatens soybean and corn output from South America, which tends to support soybean meal and corn prices as export supply tightens. Southern Brazil's shortfall adds to the risk.
dtnpf.comJohn BaranickNov 18, 2021After 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.
