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Argentina is suffering a rainfall deficit, with forecasts pointing to insufficient moisture for soybean and corn fields. The Rosario exchange estimates a 48 million tonne corn crop and a 50 million tonne soybean crop, both at risk from dryness.
Argentina is a major corn exporter and the world's top soymeal exporter, so yield losses tighten global feed supply and support corn, soybean and meal prices.
brecorder.comReutersJan 5, 2021After 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 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.
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.
Argentine rainfall deficit threatens corn and soy yields, adding a supply risk premium on Jan 5.
