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ADM's CEO said the world lost about 15 million tonnes of crop production to bad weather over the past two to three weeks, with drought and heat hitting Canada's Southern Prairies and the US Northern Plains. He expects China to need an extra 2 million tonnes of soybeans to offset canola losses and expects Chinese soymeal demand to recover over time.
ADM also cited strong corn exports to China.
Weather-driven canola losses tighten global oilseed supply and support canola meal and soybean prices. Higher Chinese soybean imports would add demand for soybean meal, supporting feed protein prices.
profarmer.comMeghan VickJul 27, 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.
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.
