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The Rosario Grains Exchange (BCR) cut its Argentine 2020-21 soybean output forecast by 4 million tonnes to 45 million tonnes, citing February drought in the Pampean region. The soybean yield estimate fell to 27.5 quintals per hectare, and second-crop beans were hit hardest.
A sharp cut in Argentina's crop, the world's top exporter of soymeal and soyoil, tightens global supply and tends to lift soybean complex prices. Analysts expect the shortfall to boost Brazilian and US export demand.
spglobal.comMar 11, 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 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.
After 184 past bullish weather events, Soybean Oil moved a median +0.3% over 5 sessions (53% higher; middle half -1.9% to +2.4%), and -0.5% 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.
