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Analysts warned that a possible La Niña could bring dry weather to Brazil and hurt yields there. Corn and wheat rallied the prior week on strong US ethanol demand, rising US corn exports to China and a slow European corn harvest.
Dry weather risk in Brazil threatens the second corn crop and soybean supply, supporting prices for corn and soy feed ingredients.
czapp.comAlberto CarmonaOct 26, 2021After 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.
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.
