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Authorities in Sorriso, Mato Grosso, Brazil's largest soybean and corn producing municipality, declared a state of emergency after more than 800 mm of rain fell over 45 days. Private-sector losses are estimated at R$1.5 billion (about $300 million).
Heavy rains have delayed the soybean harvest and reduced yields and seed quality.
Yield losses in a major producing municipality reduce Brazilian soybean and corn supply, supporting prices for feed ingredients.
ukragroconsult.comMar 16, 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.
