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Analysts expect dryness over the next six months in Argentina to shrink the corn and soybean crops. Low water is also expected to complicate navigation of grain cargo ships on the Parana River.
Smaller Argentine corn and soy crops tighten global supplies of feed grains and soymeal. Shallow Parana River conditions raise freight and loading costs, which widens the cost of Argentine origin relative to other sources.
reuters.comHugh BronsteinAug 24, 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, 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.
Not enough comparable past events yet for a historical read.
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.
