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Brazilian farmers in Mato Grosso began soybean seeding amid one of the worst droughts in a century, with 20% of expected acreage planted by one farmer. NOAA reports a 70% chance of La Niña returning between November 2021 and January 2022.
Drought and a possible La Niña raise the risk of reduced South American soybean and corn output, which tends to support soybean meal and corn prices.
farmprogress.comJulio BravoSep 21, 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.
