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The Western Producer reports that USDA chief meteorologist Mark Brushberg told the Agricultural Outlook Forum that Argentina's corn and soybean crops may escape severe La Niña damage. Weaker La Niña events have historically caused more yield losses, and cumulative precipitation, though below the 30-year average, is closer to normal.
A reduced expectation of Argentine yield losses eases the supply-risk premium on soybeans, corn and meal, pressuring prices lower.
producer.comSean PrattMar 1, 2021After 363 past bearish weather events, Soybeans moved a median -0.6% over 5 sessions (42% higher; middle half -2.5% to +1.1%), and -0.2% over 20.
After 357 past bearish weather events, Corn moved a median -0.3% over 5 sessions (44% higher; middle half -2.2% to +1.3%), and -0.5% over 20.
After 118 past bearish weather events, Soybean Meal moved a median -0.8% over 5 sessions (35% higher; middle half -3.2% to +0.4%), and -1.6% 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.
