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Growers in Brazil's major soybean regions, including Mato Grosso, are worried about losing crops after March rains. Bloomberg reports that the situation is most severe in the heart of the soybean belt.
Rain has been hampering field conditions during the harvest.
Potential soybean crop losses and quality problems tighten the Brazilian soybean supply, supporting soybean and meal prices.
bloomberg.comFabiana BatistaMar 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.
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.
