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The Parana River has fallen so low that it is slowing Argentine agricultural exports just as the export season begins. Water depth at Rosario was 0.90 meters, well below the April average of 3.58 meters, forcing cargo loads to be cut by 5,500 to 7,000 tons per vessel.
Forecasters expect even lower levels in coming days.
Reduced loads and the need for barges and trucking raise logistics costs and lift freight, while cutting Argentine export capacity. This supports soybean and corn prices and widens Argentine export discounts.
fullavantenews.comFullAvanteNews M.MMay 5, 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 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 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.
