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The International Research Institute for Climate and Society updated its forecasts on November 16, keeping high odds of dryness in the U.S. Southern Plains and in southern Brazil and Argentina through December-February. Moderate to strong La Niña conditions are expected to persist through winter before weakening in spring.
Dry conditions in southern Brazil and Argentina during the South American growing season threaten soybean, corn and meal supplies, which can support soybean complex and corn prices.
dtnpf.comBryce AndersonNov 16, 2020After 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.
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 1,072 past bullish weather events, Wheat (SRW) moved a median +0.2% over 5 sessions (55% higher; middle half -1.4% to +2.3%), and +0.3% 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.
