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South African economist Wandile Sihlobo of Agbiz said Australia's Bureau of Meteorology expects La Niña to last until at least February 2021. He warned of below-average rainfall in East Africa and dryness in parts of Argentina and Brazil, with planting in those countries lagging.
Lagging South American planting and dry risk raise the chance of smaller soybean and corn crops, supporting feed commodity prices if the dryness persists.
ofm.co.zaELSABÉ RICHARDNov 17, 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.
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.
