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Recent rains in parts of Argentina and Brazil allowed planting to pick up, though much of South America remains dry. As of Oct.
7, Argentina's early corn was 42% planted, 11 points below the five-year average. Brazil's soybean planting was under 4%, the slowest pace in ten years according to AgRural.
Slow planting raises the risk of replanting and could cut Brazil's 2020/21 safrinha corn output, which supports corn prices. The soybean planting delay is a supportive but less direct factor for soybean prices.
mckeany-flavell.comPeter ChurchOct 14, 2020After 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.
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.
